According to the Daily Planet, Bitcoin prices hit record highs in Turkey and Nigeria due to the depreciation of fiat currencies and economic instability. As of Friday morning local time, Bitcoin was trading at 960,000 against the Turkish lira (TRY) and 27.3 million against the Nigerian naira (NGN), a monthly increase of 30% in local currency. According to Coingecko data, local crypto exchanges traded $40 million in Bitcoin in the past 24 hours. The naira has fallen 0.45% against the dollar in the past month and 45% in the past six months; the lira has fallen 2.9% against the dollar in the past month and 31% in the past six months. Research by the International Monetary Fund (IMF) shows that compared with 2022, Nigeria's inflation rate has risen by 25% and Turkey's inflation rate has soared by 51%, resulting in a sharp decline in the purchasing power of TRY and NGN, which may have boosted people's demand for Bitcoin.