Bitcoin Price (Kinda) Reaches All-Time High: Here are the 14 Countries Where BTC Costs The Most
Bitcoin recently clocked a new ATH against the Japanese yen. Photo by Tomohiro Ohsumi/Getty Images.
Key Takeaways
- In 14 countries, the price of Bitcoin has surpassed its price at the peak of the 2021 bull cycle.
- Currencies like the Argentine peso and Nigerian naira experienced severe inflation in 2023.
- Measured in Japanese yen, a new Bitcoin all-time high price was recorded on February 13.
In dollar terms, Bitcoin is currently nearly $20,000 short of its all-time high (ATH) price set in November 2021. When measured in other fiat currencies, however, BTC has already surpassed its ATH, setting new records in 14 non-dollar denominations.
From Argentina to Japan, Bitcoin is now worth more than it ever has in countries that have experienced high inflation in recent years.
Which Countries Have the Most Expensive Bitcoin?
In Argentina, sky-high Peso inflation coincided with a strong bullish turn in the crypto market in 2023.
The BTC/ARS rate climbed to previously unseen levels last May. Since then, Bitcoin has continued to climb and the Argentine peso has fallen even further.
Following his election to the presidency in November, Javier Milei instigated a drastic devaluation of the national currency that spiked the price of Bitcoin for Argentians to above 30 million ARS. At the time of writing, BTC was trading at around 43 million pesos per coin.
A similar pattern can be observed in Nigeria, where inflation is currently sitting at a 30-year high of around 30%. In naira terms, the price of BTC is currently more than double its 2021 peak.
Bitcoin Pumps For Emerging Economy Hodlers
Generally speaking, currency volatility is a far worse problem in less developed economies, which are more prone to inflation than wealthier nations. In such countries, Bitcoin can act as a hedge against inflation.
Ranked by GDP per capita, Burundi is the poorest country in the world, and the headline inflation rate for Burundian francs (BIF) has been close to 30% for the best part of the last year. Following months of currency devaluation, by December, the price of BTC had climbed to a new ATH and is now closing in on 150,000 BIF.
Other African currencies that recorded new record Bitcoin prices in 2023 include Congo, Egypt, Ghana, Malawi, Sierra Leone and Sudan. Elsewhere, the cost of BTC in Turkey, Laos, Lebanon and Pakistan has also soared.
However, it isn’t just developing economies that have recorded new ATH prices.
Bitcoin tops 7,700 JPY
In Japan, Bitcoin’s 2021 peak occurred on November 12, when the crypto climbed to 7,337 JPY. Priced in Yen, BTC hit a low point at the beginning of 2022, nearly a year before the equivalent moment occurred for the dollar.
Having entered 2023 with a head start, by the time Bitcoin’s fall rally came around, it had already recovered to above 4,000 JPY.
In recent months, the BTC/JPY conversion rate has increased further, surpassing its previous ATH on February 13 at the start of a Valentine’s rally. At the time of writing the cryptocurrency was trading at over 7,700 JPY.
MicroStrategy S&P 500 Inclusion: Can Bitcoin Bet Push Firm into Largest 500 on Stock Market?
