The new all-time highs come despite Bitcoin still being down over 50% against its price peak of $69,000 against the U.S. dollar.Across 30 hours over Oct. 23 to 24, the cost of buying one Bitcoin has reached all time-highs when using the Argentine peso , Nigerian naira , Turkish lira , Laotian kip and the Egyptian pound .However, it should be noted that the result is due to the ongoing devaluation of the currencies, exacerbated by Bitcoin’s recent 16% price increase.
NGN and TRY fell to their lowest points against the U.S. dollar on Oct. 24 and Oct.25, while ARS is only 0.85% off its all-time low .to the International Monetary Fund, the Venezuelan bolivar currently has the highest annual inflation rate at 360%, followed by Zimbabwean dollar , Sudanese pound and ARS .
The Turkish lira and Nigerian naira came in sixth and 15th with annual inflation rates of 51% and 25% respectively, IMF’s data shows.Crypto observers have long seen digital assets, such as Bitcoin and stablecoins, as a hedge against rocketing inflation, the recent figures could bolster that narrative.pass a bill recognizing cryptocurrencies
as “capital for investment” — citing the need to keep up with “global practices” as one of the main reasons behind its change in stance.I'm back in my beautiful country, Turkey, after 6 months. Shocked to witness the same goods costing 3–4 times more already. Rents, food, public transport, and more costs skyrocket regularly. High inflation's devastation is real and alarming.
Argentina's present provides a glimpse into America's future, where the central bank raised interest rates 15 percentage points to 133% on Oct. 12. But withHe has also voiced an intention to keep the U.S. dollar away from Argentinians, explaining that Argentinians should instead be “patriots” and defend the Argentine Peso.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »