Cryptocurrencies have become a safe haven for investors in parts of the world where high inflation rates and unstable currencies have forced people to take shelter in cryptocurrencies. According to a study, Türkiye is among these regions. Here are the details…
GWI: Cryptocurrency ownership is high in Türkiye and Argentina
According to research firm GWI, Turkey and Argentina have the highest cryptocurrency ownership rates in the world at 27.1 percent and 23.5 percent, respectively, well above the global average of 11.9 percent. According to the research report, both countries were hit hard by high inflation rates. Türkiye experienced 50.51 percent annual inflation in March. In Argentina, on the other hand, this rate was even higher at 104 percent. The lira and peso fell sharply, with the peso trading at twice the official rate of 222 on the black market.
In contrast, investors are leaning towards cryptos like USD Coin (USDC) and Tether (USDT). These are cryptocurrencies with a one-to-one pegged to traditional assets such as US dollars or gold. They aim to provide a hedge against the depreciation of the currency. Ehab Zaghloul, chief research scientist at Tribal Credit, a crypto payment platform, said:
Whether on the individual or corporate side, people are thinking about how to guard against currency devaluation. They want to hold additional assets that are potentially pegged to a stronger currency, i.e. coins like USDC or USDT, or anything pegged to a stronger currency like the US dollar.
Volume increased in USDT-TRY pair
The trading volumes of the USDT-Turkish lira pair peaked with the weakening of the Turkish currency. In addition, with the effect of the upcoming important elections, last week reached the highest level in recent months. According to analysts at K33 Research; Crypto adoption is higher in countries with capital constraints, financial and political instability.
cryptocoin.com As we have also reported, Bitcoin has experienced a 72 percent increase this year. Thus, it reached the highest level of the last 10 months, $30,000. However, overall trading volumes are far from the levels seen last summer after crashes like FTX, Terra. According to Kaiko data, spot Bitcoin transaction volumes have not changed much since 2022 and are at their highest levels. However, regulatory issues that crypto exchange Binance has faced in recent months have been affecting the market. This led to a slight shift in derivatives trading volume from the Americas to Asia Pacific times. Time will tell what will happen in the future.
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