The price of Bitcoin against the local currencies of Egypt, Nigeria, Lebanon, Pakistan, Turkey, and Argentina has reached a new all-time high

According to Jinse, the price of Bitcoin has risen by about 80% in 2023, reaching its highest level of the year. Although it has not yet reached the historical high point of $69,000 and failed to recover its historical high value in US dollars, it has reached a new historical high when calculated based on exchange rates with Egyptian pounds, Nigerian naira, Lebanese pounds, Pakistani rupees, Turkish lira and Argentine pesos. Analysis suggests that the significant increase in Bitcoin prices in these countries is due to the current high inflation rates plaguing them and the decline in exchange rates of their currencies against the US dollar. For example, Lebanon's inflation rate is currently at 208%, Argentina's is at 135%, Egypt's is at 35.7%, Nigeria's is at 30.6%, Turkey's is at 64%, and Pakistan's is at 29.4%.