These countries share a common problem — high inflation rates, for example; in Argentina it is in the triple digits. Amid the depreciation of the local currency, Bitcoin has gained favor among the population.
In Nigeria, crypto transactions rose by 9% year-over-year, totaling 56.7 billion as of June 2023. In Turkey, where inflation is a pressing concern, approximately eight million people — nearly 10% of the population — have embraced cryptocurrencies, viewing Bitcoin as a financial refuge.
In Argentina, has become a significant topic in economic and political discussions, particularly concerning the upcoming presidential election. Politicians are leveraging to garner support from voters, recognizing its impact on the nation’s financial landscape.
These individuals, dissatisfied with conventional banking policies and struggling with inflation, are turning to Bitcoin for stability and financial control.
Bitcoin’s remarkable surge against these struggling currencies underscores its growing influence as a reliable financial alternative, reaffirming its position as a popular choice among people seeking stability amid economic challenges.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
