The price of Bitcoin (BTC) has hit new all-time highs against several fiat currencies that are experiencing high levels of inflation. Over a period of 30 hours from October 23 to 24, the cost of buying one Bitcoin reached record levels when using currencies such as the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and Egyptian pound. It is worth noting, however, that these highs are a result of the ongoing devaluation of these currencies, which has been worsened by Bitcoin’s recent 16% price increase. The Nigerian naira and Turkish lira reached their lowest points against the US dollar on October 24 and 25, while the peso is only 0.85% away from its all-time low against the US dollar. According to the International Monetary Fund (IMF), the Venezuelan bolivar currently has the highest annual inflation rate at 360%, followed by the Zimbabwean dollar (314%), Sudanese pound (256%), and the Argentine peso (122%). The Turkish lira and Nigerian naira have annual inflation rates of 51% and 25% respectively, according to IMF data. Crypto observers have long seen digital assets like Bitcoin as a hedge against skyrocketing inflation, and these recent figures could reinforce that belief. Nigeria, Turkey, and Argentina are among the countries with the highest rates of cryptocurrency adoption globally, but their governments have not always been supportive of the cryptocurrency industry. Nigeria has become more welcoming to cryptocurrencies after the central bank banned local banks from providing services to cryptocurrency exchanges in February 2021. Turkey has banned cryptocurrency payments for goods and services and has been working on a central bank digital currency (CBDC). In Argentina, the outcome of the presidential election in November could impact the country’s inflation crisis, with presidential candidate Javier Milei advocating for the launch of a CBDC to address the crisis, while his competitor Sergi Massa wants to keep the Argentine peso and defend it against the US dollar.