Declining national fiat currencies and a generally unstable economy have helped propel bitcoin to all-time high prices in Turkey and Nigeria, despite the asset trading 50% below its peak in the U.S. dollar terms.
An IMF study shows inflation rates in Nigeria rose 25% compared to 2022, while it ballooned 51% in Turkey, causing a massive slide in the purchasing power of TRY and NGN. That has likely boosted demand for bitcoin, a perceived fiat alternative.by analysis firm Chainalysis pegged Nigeria as the second-most active country, behind India, in terms of users participating in decentralized finance and crypto trading activities. Turkey was placed twelfth on the twenty-country list.
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