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The Bitcoin value has risen round 80% this yr, bringing it to its highest ranges of 2023. However, the leading cryptocurrency has nonetheless not reached its all-time excessive of $69,000. Nevertheless, this has not stopped the asset from hitting a number of new all-time excessive costs in as many as six international locations.

Six Countries See New Bitcoin All-Time Highs

The official X (previously 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 attention-grabbing growth. Tahini’s submit which got here with a number of screenshots confirmed how Bitcoin has risen to new all-time highs throughout six international locations.

This is what #Bitcoin seems to be like for the residents of Turkey, Egypt, Nigeria, Argentina, Lebanon and Pakistan.
A mixed inhabitants of
725 MILLION folks
Try to persuade them Bitcoin just isn’t helpful. Good luck 😉 pic.twitter.com/z8poh2C7Wb

— Tahini’s (@TheActualTahinis) December 13, 2023

The charts shared carried the all-time efficiency of Bitcoin in opposition to the native currencies of those international locations which have been recognized to be Egypt, Nigeria, Lebanon, Pakistan, Turkey, and Argentina. In each single one among these international locations, the Bitcoin value has rallied constantly. Where Bitcoin has did not reclaim its all-time excessive by way of greenback worth, it has reached new ATHs in opposition to the Egyptian Pound, Nigerian Naira, Lebanese pound, Pakistani Rupee, Turkish lira, and Argentine Peso.

Tahini’s submit confirmed the BTC price had hit new all-time highs in these international locations in a single day on December 12. But one attention-grabbing truth from the submit was in regards to the Argentine peso. At the time of the preliminary submit, one BTC was value 15,176,100 Argentine pesos. However, following Argentina’s forex debasement, it surged greater than 100% once more to achieve a brand new excessive of 33,677,222 Argentine pesos.

BTC value nonetheless trending beneath $43,000 | Source: BTCUSD On Tradingview.com

What Is Driving This Increase?

The vital Bitcoin value improve being skilled in these international locations is a results of the excessive inflation charges which can be at present plaguing these international locations. As inflation takes maintain and these currencies fall in opposition to the US greenback, the price of Bitcoin rises drastically.

For instance, Lebanon’s inflation price is at present sitting at 208%, one of many highest on the planet. Argentina’s inflation price is the second-highest on this listing at 135%. This is why President-Elect Javier Milei appears to take a strong stance on Bitcoin as he goals to fight these excessive inflation charges throughout his time in workplace.

In the identical vein, the entire different international locations on this listing are additionally seeing inflation charges of at the least 29%. Egypt is sitting at 35.7%, Nigeria, at 30.6%, Turkey At 64%, and Pakistan at 29.4%.

Given this information, maybe it’s also not stunning that these international locations additionally boast a few of the highest crypto adoption charges on the planet as residents attempt to shield their wealth. Argentina, Nigeria, Pakistan, and Turkey all seem within the high 20 of the Global Crypto Adoption Index launched by Chainalysis in 2023.

Featured picture from Crypto News, chart from Tradingview.com