Crypto ownership in Turkey, Argentina and Philippines surges as inflation skyrockets

According to GWI Research, Turkey recorded the highest growth in cryptocurrency holdings at 27.1% from July-September 2021 to July-September 2022.

According to the GWI study, Argentina and the Philippines increased their cryptocurrency holdings by 23.5% and 23.4% respectively, placing them second and third after Turkey. data.

Ranking

The study included individuals between the ages of 16 and 64 and investigated whether they owned any form of cryptocurrency.

The chart below shows the top 15 countries with the fastest growth in cryptocurrency ownership and the global average (11.9% increase) over the period.

Turkey tops the charts, but the United Arab Emirates, Vietnam and Portugal also recorded strong growth.

Inflation?

The data do not reveal the reasons behind the surge in cryptocurrency ownership, but the top three countries share a common feature of soaring inflation.

In the second half of 2021, the Turkish lira has rapidly lost 44% of its value against the US dollar. Inflation in this country is expected to exceed 30% in early 2022, Ended It was 72.31% for the year. These factors have led Turks to turn to cryptocurrencies, with daily trading volumes averaging $1.8 billion.

Argentina inflation rate was 94.8% By 2022, it will be the highest percentage since 1991. The depreciation of the Argentine peso may have prompted public adoption of cryptocurrencies, similar to Turkey. Bitcoin (BTC) wallet became the number one application in Argentina within a week of its launch, proving the country’s interest in cryptocurrencies.

The situation is the same in the Philippines. inflation December 2022 viewership is 8.1%, reflecting a 107% increase from 3.9% recorded in 2021.

Cryptocurrency ownership in Turkey, Argentina, and the Philippines has surged as inflation surged, first appearing on CryptoSlate.