According to Reuters, cryptocurrencies are becoming safe-havens in certain parts of the world, such as Argentina and Turkey, whe
10 Jul 2023, 09:02
ā¹ According to Reuters, cryptocurrencies are becoming safe-havens in certain parts of the world, such as Argentina and Turkey, where high inflation and crumbling local currencies have driven people to seek refuge in digital coins.
Data from research firm GWI reveals that Turkey has the highest ownership of digital currencies globally at 27.1%, followed by Argentina at 23.5%. The adoption of stablecoins like USD Coin (USDC) and Tether (USDT) has been particularly popular, as they provide an alternative to scarce dollars. Crypto adoption tends to be higher in countries with capital restrictions, financial instability, and political unrest.
While bitcoin has seen a 72% increase this year, overall trading volumes have not reached the levels of the previous summer.
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