Sunday, December 10, 2023

The Record Inflation Can Be Saved By Crypto And Here’s How

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The record inflation happening at the moment worldwide can be salvaged by crypto and there are a few options for how that might turn out so let’s read more today in our latest cryptocurrency news.

People across the world and countries like Brazil, Nigeria, and turkey are turning to crypto to preserve their wealth. The condition of the economy seems to be crashing and the years of financial boom after the 2008 crisis ended with the outbreak now with the COVID pandemic at the start of 2020. Two years later, it seems that the inflation rates surged in most countries and the inflation in Turkey hit a new record of 6.1% with nations like the US and US also suffering.

When looking at the financial crisis worldwide, it is worth noting that the United States closed its consumer price index at 8.5% which is a record high for the past 40 years. The reasons behind these statistics could be the federal reserve’s decision to print trillions of dollars during the COVID pandemic and the surging electricity prices due to the military conflict between Russia and Ukraine. Plenty of financial experts described BTC as a better version to hedge against inflation.

Bitcoin’s accessibility is interesting as some of the assets regarded as safe havens are not as quite easy to access as BTC is. Bitcoin bull Michael Saylor argued that the inflation rate in the US is much higher than authorities announced. The next country where inflation hit hard was the UK. A coinbase report revealed that crypto adoption in the UK is increasing as 33% of Brits dived into the crypto asset. BTC and ETH are the most commonly owned while DOGE and Binance Coin reached the 4 spots.

The inflation rate in Nigeria is heading north every day and it is over 16%. Kucoin estimated that one of the financial hubs in Africa has more than 33 million crypto investors. Apart from the inflation rates, a huge chunk of Nigerians distributes their wealth into the crypto market because of the limited access to financial services. Despite the negative trend in the countries, the inflationary crisis seems to be worse in Turkey since the country’s national fiat currency lost a huge chunk of its value. Many blamed the President whose controversial policies could have led to the sharp drops.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

The inflation rate in Turkey surpassed 60% while gold remains the most important investment instrument in the country but there’s also an issue with this as authorities urged the population to turn to gold and help the economy. At the same time, the locals are shifting their focus towards BTC and Tether.

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