Bitcoin has reached unprecedented levels against the Argentine peso, Turkish lira, and Nigerian naira, propelled by soaring inflation rates in these countries. The digital currency's popularity is surging in Argentina as the nation grapples with triple-digit inflation. In Nigeria, where crypto transactions have risen 9% year-on-year to reach 56.7 billion by mid-2023, Bitcoin is also gaining traction.
Inflation-stricken Turkey is witnessing a similar trend, with nearly 10% of its population turning to Bitcoin as a financial refuge. The cryptocurrency's record-breaking performances in these regions were highlighted by Miles Deutscher on various social media platforms.
As Argentina approaches its presidential election, politicians are leveraging the growing acceptance of Bitcoin to appeal to voters. Together, Argentina, Turkey, and Nigeria represent around 4.5% of the global population. This underlines the significant role Bitcoin is playing in regions wrestling with economic uncertainties.
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