Bitcoin hits all-time high in high inflation countries: Argentina, Turkey, Nigeria

Bitcoin has recently surged, reaching a new all-time high compared to the currencies of certain high inflation countries, despite being down 50% from its 2021 peak.

Argentina Hits New High in May

KOL and analyst Miles Deutscher was the first to notice this.

According to Google Finance data, BTC to ARS Argentine Peso has surged by 278.11% this year, breaking the 2021 high point in May.

Argentine presidential candidate Javier Milei advocates for Bitcoin and dollarization, and received 30% of the votes in the first round of the presidential election. He will compete in the runoff on November 19 against Economy Minister Sergio Massa.

Bitcoin Adoption Rising in Argentina, Presidential Candidate Javier Milei Positive on Cryptocurrency

Turkey Raises Rates to 35%

Data shows that BTC to TRY also surpassed the 2021 high point in June this year, with prices continuing to rise, achieving a 209.79% increase this year.

Turkey is still facing severe inflation, with the central bank raising rates for the fifth consecutive month to combat inflation. According to a report by CNBC, the central bank raised its key interest rate to 35% on October 26.

Nigeria Latest to Hit All-Time High

BTC to NGN recently surpassed its 2021 high point, with a 268.96% increase this year.

Will Bitcoin Continue to Rise?

Although Bitcoin has reached historic highs against some severely devalued fiat currencies, it is still down 50% from the 2021 peak.

Recently, BTC has surged on the potential benefits of a spot ETF, but BitMEX founder Arthur Hayes predicts that hot money will gradually shift from BTC to ETH and other competing coins.

Stocks Plunge, Bitcoin Holds Steady, Ethereum and Altcoins Ready to Move?

International Monetary Fund data shows the inflation rates of various countries in 2023 as shown below.