A crypto analyst has revealed data depicting the Bitcoin price reaching new highs in several countries experiencing high inflationary pressures.
Bitcoin Skyrockets In Countries With Inflationary Currencies
According to Crypto Analyst and DeFi enthusiast, Miles Deutscher, the price of Bitcoin has reached new all-time highs in multiple countries including Turkey, Argentina, and Nigeria.
Deutscher shared the price charts in an X (formerly Twitter) post displaying the price of one Bitcoin against the currency of the countries mentioned above.
According to the chart, at one point on October 26, a single Bitcoin was equivalent to 12,172,353.50 ARS in Argentina. In Turkey, one Bitcoin was worth 979,017.26 TRY, and in Nigeria, Bitcoin was trading at 28,443,229.20 NGN.
Presently, the currencies of these countries have been experiencing high inflationary pressures, causing the devaluation of their respective fiat currencies. Data from the International Monetary Fund (IMF) have revealed rankings of these countries’ annual percentage change in inflation rates and end-of-period consumer prices.
In the data shared, Argentina was valued at 136.7%, Turkey at 64%, and Nigeria at 30.6%. Other countries like Zimbabwe and Venezuela showed some of the highest annual percentage changes of 396.2% and 250% respectively.
Overall, the price of Bitcoin…
