Bitcoin Surges To 28.44 Million Naira

The price of Bitcoin has trippled in Nigeria, especially, with the depreciating value of the Naira to the United States Dollar.

Osun Defender learnt that Bitcoin has reached 28.44 million Nigerian Naira, due to the lingering inflation rate in the country.

According to report, the digital currency now trades globally near to $35,000.
The situation, Osun Defender learnt is also prominent in Argentina and Turkey.

With the current statistics, Bitcoin’s value has surged to 12.17 million Argentine pesos (ARS), 979,017 and Turkish liras (TRY).

It was gathered that the price of a single Bitcoin hit record levels in a span of 30 hours between October 23 and 24, when measured against several currencies, including the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and the Egyptian pound.

The common denominator in these countries is high inflation. Meanwhile, Argentina faces triple-digit inflation, making Bitcoin an appealing refuge for those looking to safeguard their wealth.

Nigeria

In Nigeria, crypto transactions witnessed a 9% year-over-year increase, totalling 56.7 billion as of June 2023. Perhaps Nigeria’s stance on cryptocurrencies has undergone a significant shift. 

In February 2021, the country’s central bank banned local banks from providing services to crypto exchanges. But in December 2022, Nigeria announced its intention to pass a bill recognizing cryptocurrencies as “investment capital,” citing the need to align with global standards

Argentina

In Argentina, BTC has become a focal point in economic and political discussions, particularly in the lead-up to the presidential election. 

Massa, the current Minister of Economy in Argentina, has expressed a desire to reduce the use of the U.S. dollar in Argentina. He believes that Argentinians should show patriotism by supporting and using the Argentine peso.

Meanwhile, politicians are using cryptocurrency to gain support from voters, recognizing its influence on the nation’s financial landscape.

Turkey

However, in Turkey, where inflation is a significant concern, nearly 10% of the population, approximately eight million people, have embraced cryptocurrencies, viewing Bitcoin as a financial haven. 

In April 2021, the country’s central bank imposed a ban on using cryptocurrencies for buying goods and services. Now, the country is actively developing a central bank digital currency (CBDC) to digitize the Turkish lira in recent years.

Global Trend Emerging

Beyond these specific narratives lies a broader global trend. The combined population of these three countries accounts for approximately 4.5% of the world’s total population, highlighting the significant impact of Bitcoin in regions plagued by economic instability. 

Individuals in these regions, dissatisfied with traditional banking systems and battling inflation, are increasingly turning to Bitcoin for financial stability and control.