The increase in cryptocurrency ownership in Turkey, Argentina, and the Philippines has experienced remarkable growth in recent years. These countries have faced significant economic challenges, characterized by high inflation rates and depreciation of their local currencies.
In the midst of this economic crisis, citizens have turned to digital assets as a way to protect their savings and seek financial refuge. In this article, we explore the connection between inflation and the rise in cryptocurrency ownership in these countries, looking at the data and trends that support this relationship.
Türkiye leads the rise in cryptocurrency ownership.
In recent years, Turkey has experienced the highest growth in cryptocurrency ownership compared to other countries. According to data from GWI Research, the cryptocurrency ownership rate in Turkey increased from 27.1% in the period from July to September 2021 to the same period in 2022.
The Turkish lira has suffered a significant depreciation against the US dollar, and inflation has reached alarming levels. These factors have led Turkish citizens to seek financial alternatives in cryptocurrencies, which has boosted the daily trading volume in the country.
Argentina and the Philippines follow the trend.
Argentina and the Philippines have also seen significant increases in cryptocurrency ownership due to inflation and the depreciation of their local currencies. In Argentina, the cryptocurrency ownership rate increased by 23.5% during the same period analyzed, and the country faced 94.8% inflation in 2022.the highest since 1991. The depreciation of the Argentine peso has led citizens to seek refuge in crypto as a way to protect their savings.
In the Philippines, the inflation rate has also been high, reaching 8.1% in December 2022. This represents a significant increase from 107%. compared to the previous year. Similar to Turkey and Argentina, this increase in inflation has fueled cryptocurrency adoption in the Philippines as citizens seek to protect their purchasing power and diversify their financial assets.
Cryptocurrency ownership in Turkey, Argentina, and the Philippines has seen substantial growth due to inflation and the economic crisis these countries are facing. The depreciation of local currencies, high inflation and the loss of purchasing power have led citizens to seek financial alternatives in cryptocurrencies. These digital assets offer a way to protect savings and maintain some stability amid economic volatility.
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