Since bottoming around $16,800, Bitcoin (BTC) has displayed resilience throughout 2023, posting over 153% gains year-to-date and 143% over the last 12 months to outperform major tech companies.
Despite this impressive performance, the flagship cryptocurrency’s price is still 39% below the all-time high (ATH) level against the U.S. dollar reached in November 2021.
Meanwhile, Bitcoin continues to hit new ATHs in Argentina, Turkey, Egypt, Nigeria, Lebanon and Pakistan.
This is what #Bitcoin looks like for the citizens of Turkey, Egypt, Nigeria, Argentina, Lebanon and Pakistan.
A combined population of
725 MILLION people
Try to convince them Bitcoin is not useful. Good luck pic.twitter.com/z8poh2C7Wb— Tahini’s (@TheRealTahinis) December 13, 2023
According to a Dec. 13 post from X social platform user Tahini, at one point on Dec. 12, a single Bitcoin ha reached ATHs against the Argentine peso at 15,176,100.12 ARS. BTC was worth 1,202,109.40 Turkish liras (TRY), 32,703,517.06 Nigerian nairas (NGN), and 1,280,955.47 Egyptian pounds (EGP).
The chart also showed that BTC has reached ATHs against the Lebanese pound and the Pakistani rupee at 622,548,74.67 Lebanese pounds and 11,736,063.26 Pakistani rupees, respectively.
It is worth mentioning that these figures are equivalent to the current price of Bitcoin and that the meteoric rise of the cryptocurrency in these countries is due to high inflationary pressures, resulting in the devaluation of their respective currencies.
Data from the International Monetary Fund (IMF) ranks countries’ annual percentage change in inflation<
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Author: Nancy Lubale
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