Bitcoin hits record highs in African currencies after crossing $61,000
TLDR
- Bitcoin prices surge to all-time highs against African currencies, with notable increases in South African Rand, Kenyan Shilling, Nigerian Naira, Ghanaian Cedi, and Rwandan Franc.
- In South African Rand (ZAR), Bitcoin surpasses 1 million ZAR, reaching R1,185,530.
- Significant records broken in Kenyan Shilling (KES), Nigerian Naira (NGN), Ghanaian Cedi (GHS), and Rwandan Franc (RWF) as Bitcoin prices hit new highs.
The surge in Bitcoin prices to all-time highs of over $61,000 is particularly notable when viewed in the context of African currencies, many of which have experienced significant depreciation against the US dollar.
In South African Rand (ZAR), Bitcoin is now valued at R1,185,530, surpassing the previous record of 1 million ZAR set in 2023. In Kenyan Shilling (KES), it skyrocketed to KES 8,972,000, shattering the previous high of 4.5 million KES set in 2021. In Nigerian Naira (NGN), the value of 1 bitcoin reached 96,086,600 NGN, surpassing the previous record of 26 million NGN set in 2021.
Bitcoin hit a new high of 764,866 Ghanaian Cedi (GHS), eclipsing the previous record of 400,000 GHS set in 2021. In Rwandan Franc (RWF), it reached a record high of 79,463,490 RWF, dwarfing the previous record of 3 million RWF set in 2022.
Key Takeaways
The surge in bitcoin comes at a time when 7 out of the 10 worst-performing currencies in 2023 are in the African continent. The flagship cryptocurrency rose as high as $61,023.44 on Coindesk, around 11% off its November 2021 record of $68,982.20. The latest rally was triggered by the disclosure on Monday that crypto investing and software firm MicroStrategy had purchased about 3,000 bitcoins for $155 million. These record-breaking prices underscore the growing appeal of Bitcoin as a store of value and hedge against currency depreciation. However, it's essential to remember that the cryptocurrency market is highly volatile, and past performance is not indicative of future results.
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