Data shows that devaluation of fiat currencies and generally unstable economies have pushed the price of Bitcoin to record highs in Turkey and Nigeria. As of Friday morning local time, Bitcoin was trading at 960,000 against the Turkish Lira (TRY) and 27.3 million against the Nigerian Naira (NGN). In terms of local currency, Bitcoin’s monthly increase was as high as 30%.
According to data from CoinGecko, local crypto exchanges saw $40 million in Bitcoin trading volume in the past 24 hours. This number may not include local users who trade on global exchanges such as Binance or Coinbase.
The naira has fallen 0.45% against the US dollar over the past month and 45% over the past six months; the lira has fallen 2.9% against the US dollar over the past month and 31% over the past six months.
A study by the International Monetary Fund (IMF) shows that Nigeria’s inflation rate has increased by 25% compared with 2022, while Turkey’s inflation rate has soared by 51%, resulting in a significant decline in the purchasing power of TRY and NGN. This may have boosted demand for Bitcoin. (CoinDesk)