"Which Countries Have Seen Record-Breaking Bitcoin Prices?"

The price of Bitcoin has been setting records in countries like Argentina and Nigeria, where inflation is high. Although it is currently trading about 50% below the all-time high it reached in November 2021 in terms of the dollar exchange rate, it continues to reach new highs in the official currencies of countries with high inflation.

Bitcoin recently climbed above $35,000, hitting its highest level in 2023. However, in countries where currencies are consistently losing value, it set new records. The largest cryptocurrency reached over 1 million Turkish liras, 12 million Argentine pesos, and 28 million Nigerian nairas. As a result, Bitcoin's nearly 20% rise surpassed the previous all-time highs (ATH) in these currencies.

According to the latest IMF report, Venezuela has the highest inflation rate, with the bolivar losing 360% of its value annually. Bitcoin is seen as a safe haven in these conditions, continuing to gain favor among people in these countries.

In December of the previous year, Bitcoin exceeded 900,000 Turkish liras, marking a historic high. During that time, due to the rapidly rising price of Bitcoin and the US dollar surpassing 11 Turkish liras, Bitcoin's price rapidly increased. Subsequently, the introduction of the currency protection deposit system brought the dollar back down to 11 TL and Bitcoin's price declined accordingly.

During the 2017 bull market, when Bitcoin's price approached $20,000, its price against the Turkish lira exceeded 77,000 TL. In just about three to four months, the largest cryptocurrency, which was trading at 10,000 TL, neared 80,000 TL. However, with the end of the bull market, prices started to decline, and by December 2018, it had dropped to 18,000 TL.