The price of bitcoin has risen around 80% this year, taking it to its highest levels of 2023. However, the leading cryptocurrency is yet to reach its all-time high of $69,000. However, this has not stopped the asset from reaching multiple all-time high prices in up to six countries.
Six Countries See New All-Time bitcoin Highs
The official X account (formerly Twitter) of Middle Eastern restaurant Tahini's, which has been a strong supporter of bitcoin, took to the social media platform to share an interesting development. Tahini's post that included several screenshots showed how bitcoin/bitcoin-move-to-69000/” rel=”nofollow noopener” target=”_blank”>bitcoin has reached new all-time highs in six countries.
This is what bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin what happens with the citizens of Turkey, Egypt, Nigeria, Argentina, Lebanon and Pakistan.
A combined population of
725 MILLION people
Try to convince them that bitcoin is not useful. Good luck pic.twitter.com/z8poh2C7Wb— Tahini (@TheRealTahinis) December 13, 2023
The charts shared showed the historical performance of bitcoin against the local currencies of these countries, which were identified as Egypt, Nigeria, Lebanon, Pakistan, Turkey and Argentina. In each of these countries, the price of bitcoin has increased continuously. While bitcoin failed to regain its all-time high in terms of dollar value, it reached new ATHs against the Egyptian Pound, Nigerian Naira, Lebanese Pound, Pakistani Rupee, Turkish Lira, and Argentine Peso.
Tahini's post showed that the btc price had reached new all-time highs in these countries in a single day on December 12. But an interesting fact from the publication was about the Argentine peso. At the time of initial publication, one btc was worth 15,176,100 Argentine pesos. However, after the devaluation of the Argentine currency, arose It once again exceeded 100% to reach a new maximum of 33,677,222 Argentine pesos.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Bitcoin-price-has-reached-new-all-time-highs-in-six-countries" alt="Tradingview.com bitcoin Price Chart” width=”3266″ height=”1530″/>
btc price still trending below $43,000 | Source: BTCUSD On Tradingview.com
What is driving this increase?
The significant increase in the price of bitcoin that is being experienced in these countries is the result of the high inflation rates that are currently affecting these countries. As inflation takes hold and these currencies fall against the US dollar, the price of bitcoin increases dramatically.
For example, Lebanon's inflation rate currently stands at 208%, one of the highest in the world. Argentina's inflation rate is the second highest on this list at 135%. This is the reason why bitcoin-news/bitcoin-friendly-javier-milei-wins-presidential-primaries/” rel=”nofollow noopener” target=”_blank”>President-elect Javier Milei seems to be bitcoin/argentina-pro-bitcoin-president/” rel=”nofollow noopener” target=”_blank”>take a strong stance on bitcoin since his objective is to combat these high inflation rates during his mandate.
Along the same lines, all other countries on this list are also experiencing inflation rates of at least 29%. Egypt has 35.7%, Nigeria 30.6%, Turkey 64% and Pakistan 29.4%.
Given this data, it is also perhaps not surprising that these countries also have some of the highest rates bitcoin-news/bitcoin-spot-etf-applicants-to-integrate-mandatory-cash-redemption-model/” rel=”nofollow noopener” target=”_blank”>crypto adoption interest rates around the world as residents try to protect their wealth. Argentina, Nigeria, Pakistan and Turkey appear in the top 20 of the Global Cryptocurrency Adoption Index published by Chainalysis in 2023.
Featured image from crypto News, chart from Tradingview.com
