The Bitcoin price has risen around 80% this year, bringing it to its highest levels of 2023. However, the leading cryptocurrency has still not reached its all-time high of $69,000. Nevertheless, this has not stopped the asset from hitting multiple new all-time high prices in as many as six countries.
Six Countries See New Bitcoin All-Time Highs
The official X (formerly Twitter) account of Middle-Eastern restaurant Tahini’s, which has been a staunch supporter of Bitcoin, took to the social media platform to share an interesting development. Tahini’s post which came with multiple screenshots showed how Bitcoin has risen to new all-time highs across six countries.
This is what #Bitcoin looks like for the citizens of Turkey, Egypt, Nigeria, Argentina, Lebanon and Pakistan.A combined population of725 MILLION peopleTry to convince them Bitcoin is not useful. Good luck 😉 pic.twitter.com/z8poh2C7Wb
— Tahini’s (@TheRealTahinis) December 13, 2023
The charts shared carried the all-time performance of Bitcoin against the local currencies of these countries which were identified to be Egypt, Nigeria, Lebanon, Pakistan, Turkey, and Argentina. In every single one of these countries, the Bitcoin price has rallied continuously. Where Bitcoin has failed to reclaim its all-time high in terms of dollar value, it has reached new ATHs against the Egyptian Pound, Nigerian Naira, Lebanese pound, Pakistani Rupee, Turkish lira, and Argentine Peso.
Tahini’s post showed the BTC price had hit new all-time highs in these countries in a single day on December 12. But one interesting fact from the post was about the Argentine peso. At the time of the initial post, one BTC was worth 15,176,100 Argentine pesos. However, following Argentina’s currency debasement, it surged more than 100% again to reach a new high of 33,677,222 Argentine pesos.
BTC price still trending below $43,000 | Source: BTCUSD On Tradingview.com
What Is Driving This Increase?
The significant Bitcoin price increase being experienced in these countries is a result of the high inflation rates that are currently plaguing these countries. As inflation takes hold and these currencies fall against the US dollar, the price of Bitcoin rises drastically.
For example, Lebanon’s inflation rate is currently sitting at 208%, one of the highest in the world. Argentina’s inflation rate is the second-highest on this list at 135%. This is why President-Elect Javier Milei seems to take a strong stance on Bitcoin as he aims to combat these high inflation rates during his time in office.
In the same vein, all of the other countries on this list are also seeing inflation rates of at least 29%. Egypt is sitting at 35.7%, Nigeria, at 30.6%, Turkey At 64%, and Pakistan at 29.4%.
Given this data, perhaps it is also not surprising that these countries also boast some of the highest crypto adoption rates in the world as residents try to protect their wealth. Argentina, Nigeria, Pakistan, and Turkey all appear in the top 20 of the Global Crypto Adoption Index released by Chainalysis in 2023.
Featured image from Crypto News, chart from Tradingview.com
