Affected by the depreciation of legal currencies and economic instability, Bitcoin reached new highs in Turkey and Nigeria

According to data, the depreciation of fiat currency and general economic instability have pushed the price of Bitcoin to historic highs in Turkey and Nigeria. As of Friday morning local time, Bitcoin was worth 960,000 Turkish lira (TRY) and 27.3 million Nigerian naira (NGN), with a monthly increase of 30% when calculated in local currency. According to CoinGecko, the local cryptocurrency exchange has seen $40 million worth of Bitcoin transactions in the past 24 hours. This figure may not include local users trading on global exchanges such as Binance or Coinbase. In the past month, the naira has fallen 0.45% against the US dollar and 45% in the past six months. The lira has fallen 2.9% against the US dollar in the past month and 31% in the past six months. A study by the International Monetary Fund (IMF) shows that Nigeria's inflation rate has risen 25% compared to 2022, while Turkey's inflation rate has skyrocketed 51%, leading to a significant decline in the purchasing power of TRY and NGN. This may boost demand for Bitcoin.