Why has Bitcoin price hit new all-time highs in Turkey, Egypt, Nigeria and Argentina?

Bitcoin is proving its value as an inflation hedge and store of value by hitting repeat all-time highs in multiple currencies.

Since bottoming around $16,800, Bitcoin (BTC) has displayed resilience throughout 2023, posting over 153% gains year-to-date and 143% over the last 12 months to outperform major tech companies.

Despite this impressive performance, the flagship cryptocurrency’s price is still 39% below the all-time high (ATH) level against the U.S. dollar reached in November 2021.

Meanwhile, Bitcoin continues to hit new ATHs in Argentina, Turkey, Egypt, Nigeria, Lebanon and Pakistan.

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