Bitcoin has achieved record-breaking highs against several world currencies that are grappling with high inflation. Affected denominations include the Argentine peso, Nigerian naira, Turkish lira, Laotian kip, and the Egyptian pound.

The recent feat can be attributed in part to Bitcoin's recent surge in price by 16% and the devaluation of these currencies, with crypto often viewed as a safeguard against inflation.

According to data from Chainalysis, Nigeria, Turkey, and Argentina ranked second, twelfth, and fifteenth, respectively, in terms of global cryptocurrency adoption rates.

Despite Nigeria's progress towards recognizing cryptocurrencies, its central bank had previously prohibited local banks from offering services to cryptocurrency exchanges.

In Turkey, the government has banned the use of cryptocurrencies for purchasing goods and services as it strives to digitise the lira through the implementation of a Central Bank Digital Currency.

Additionally, Argentina's upcoming presidential election is expected to impact its inflation crisis.