Fiat decline boosts Bitcoin to record highs in Turkey and Nigeria.
Data indicates that bitcoin has crossed price peaks versus the Turkish lira and the Nigerian naira due to recent price increases. The value of bitcoin as of Friday morning was 960,000 against the Turkish lira (TRY) and 27.4 million against the Naira (NGN), bringing its monthly gains to a maximum of 30% in local currency.
According to Coin Gecko, local cryptocurrency exchanges have transacted $40 million worth of bitcoin in total over the last 24 hours. Locals dealing on international exchanges like Binance or Coin base might not be included in this statistic.
In relation to the US dollar, the naira has decreased by 0.45% this month and by 45% over the last six months, while the lira has decreased by 2.9% this month and 31% over the last six months.
According to an IMF analysis, inflation in Nigeria increased by 25% from 2022 to 2023 while it skyrocketed in Turkey by 51%, which resulted in a sharp decline in the purchasing power of TRY and NGN. This has probably increased interest in bitcoin, a fictitious currency.