Bitcoin is trading at a premium in Nigeria and other countries facing extreme currency devaluation and political uncertainty.
As of Friday morning, the leading cryptocurrency is hitting new all-time highs (ATH) in Nigeria, Turkey, and Argentina as residents turn to the safe haven asset amid soaring inflation rates.
Bitcoin surged to 28.4 million Nigerian naira (NGN), 12.4 million Argentine pesos (ARS), and 979,000 Turkish lira (TRY) as the fiat currencies of these countries continue to free-fall.
According to data from the International Monetary Fund (IMF), Argentina is currently facing triple-digit inflation, with the Argentine peso ranking fourth in the list of currencies with the highest annual inflation rates.
The Turkish lira and the Nigerian naira ranked 6th and 15th, with inflation rates spiking 25% and 52% over the past year. The massive decline in the purchasing power of these currencies has significantly increased the demand for bitcoin, which is historically considered to be a hedge against inflation.