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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/bitcoin-achieves-triple-all-time-highs-as-btc-nears-35000/">Bitcoin Price Hits All-Time-Highs in Argentina, Nigeria and Turkey</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin has achieved remarkable milestones, reaching triple all-time highs when paired against the currencies of Argentina, Nigeria, and Turkey.&nbsp;</p> 
<p>While trading globally near $35,000, Bitcoin’s value has surged to 12.17 million Argentine pesos (ARS), 979,017 Turkish liras (TRY), and 28.44 million Nigerian nairas (NGN) due to prevalent inflation in these nations.</p> 
<p>In a span of 30 hours between October 23 and 24, the price of a single <a href="https://twitter.com/milesdeutscher/status/1717418953025159563">Bitcoin hit</a> record levels when measured against several currencies, including the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and the Egyptian pound.</p> 
<p>The common denominator in these countries is high inflation. Meanwhile, Argentina faces triple-digit inflation, making Bitcoin an appealing refuge for those looking to safeguard their wealth.</p> 
<h2 class="wp-block-heading" id="strong-nigeria-strong"><strong>Nigeria</strong></h2> 
<p>In Nigeria, crypto transactions witnessed a 9% year-over-year increase, totalling 56.7 billion as of June 2023. Perhaps Nigeria’s stance on cryptocurrencies has undergone a significant shift.&nbsp;</p> 
<p>In February 2021, the country’s central bank banned local banks from providing services to crypto exchanges. But in December 2022, Nigeria announced its intention to pass a bill recognizing cryptocurrencies as “investment capital,” citing the need to align with global standards</p> 
<h2 class="wp-block-heading" id="strong-argentina-strong"><strong>Argentina</strong></h2> 
<p>In Argentina, BTC has become a focal point in economic and political discussions, particularly in the lead-up to the presidential election.&nbsp;</p> 
<p>Massa, the current Minister of Economy in Argentina, <a href="https://twitter.com/PeterSchiff/status/1717516332571201795">has expressed</a> a desire to reduce the use of the U.S. dollar in Argentina. He believes that Argentinians should show patriotism by supporting and using the Argentine peso.</p> 
<p>Meanwhile, politicians are using cryptocurrency to gain support from voters, recognizing its influence on the nation’s financial landscape.</p> 
<h2 class="wp-block-heading" id="strong-turkey-strong"><strong>Turkey</strong></h2> 
<p>However, in <a href="https://twitter.com/gulbengozu/status/1696275067636777338">Turkey</a>, where inflation is a significant concern, nearly 10% of the population, approximately eight million people, have embraced cryptocurrencies, viewing Bitcoin as a financial haven.&nbsp;</p> 
<p>In April 2021, the country’s central bank imposed a ban on using cryptocurrencies for buying goods and services. Now, the country is actively developing a central bank digital currency (CBDC) to digitize the Turkish lira in recent years.</p> 
<h2 class="wp-block-heading" id="h-global-trend-emerging"><strong>Global Trend Emerging</strong>&nbsp;</h2> 
<p>Beyond these specific narratives lies a broader global trend. The combined population of these three countries accounts for approximately 4.5% of the world’s total population, highlighting the significant impact of Bitcoin in regions plagued by economic instability.&nbsp;</p> 
<p>Individuals in these regions, dissatisfied with traditional banking systems and battling inflation, are increasingly turning to Bitcoin for financial stability and control.</p>

Bitcoin Price Hits All-Time-Highs in Argentina, Nigeria and Turkey

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