Due to inflation and currency depreciation, the price of Bitcoin in Turkey and Nigeria has reached a historic high.

BlockBeats news, October 27th, according to CoinDesk, the recent surge in Bitcoin prices has led to historic highs in Turkey and Nigeria due to massive inflation and a decline in the purchasing power of national fiat currencies, effectively safeguarding digital assets from the risks of theft and private key compromise. As of Friday morning, the price of Bitcoin in the Turkish market reached 9.6 million lira, while in the Nigerian market, it reached 27.4 million naira. The monthly increase in Bitcoin is as high as 30% when calculated in local currency. According to data from CoinGecko, the local cryptocurrency trading platform's Bitcoin trading volume in the past 24 hours reached $40 million, a figure that may not include local users trading on global platforms such as Binance or Coinbase. It is reported that over the past month, the naira has fallen 0.45% against the US dollar, and over the past six months, it has fallen 45%; while the lira has fallen 2.9% against the US dollar in the past month and 31% in the past six months. A study by the International Monetary Fund (IMF) shows that Nigeria's inflation rate has risen by 25% compared to 2022, while Turkey's inflation rate has skyrocketed by 51%, leading to a significant decline in the purchasing power of TRY and NGN. This may boost people's demand for Bitcoin.