Bitcoin is trading at a premium in several countries facing extreme currency devaluation and political uncertainty, including Nigeria and Turkey.
The Turkish lira and the Nigerian naira ranked 6th and 15th, with inflation rates spiking 25% and 52% over the past year. The massive decline in the purchasing power of these currencies has significantly increased the demand for bitcoin, which is historically considered to be a hedge against inflation.Crypto adoption rates in Nigeria, Turkey, and Argentina have continued to grow despite restrictions on the digital asset market in these jurisdictions.
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