Bitcoin hits all-time highs against local currencies in six countries: Egypt, Nigeria, Lebanon, Pakistan, Turkey and Argentina

The price of Bitcoin has risen by about 80% within 2023, reaching the highest level of the year. Although it has not yet reached the historical high of $69,000, it has reached a historical high when calculated in currencies such as the Egyptian pound, Nigerian naira, Lebanese pound, Pakistani rupee, Turkish lira, and Argentine peso. Analysis believes that the significant rise in Bitcoin prices in these countries is due to the high inflation rates currently plaguing these countries, as well as the decline in the exchange rate of these currencies against the US dollar. For example, Lebanon's inflation rate is currently 208%, Argentina's is 135%, Egypt's is 35.7%, Nigeria's is 30.6%, Turkey's is 64%, and Pakistan's is 29.4%.