Global investors have begun to look at cryptocurrency as a hedge against rising inflation. A perfect example of the recent trend was observed in Turkey. Total encryption transactions per day exceeded 1 million in the country after the Turkish pound fell by more than 40% since September 2021.
The Turkish lira saw huge volatility in December 2021 following the recent steps of the Central Bank of Turkey. While rising inflation has caused great concern among locals, investors have begun to “park” their savings in cryptocurrencies such as Bitcoin and Ethereum.
In terms of cryptocurrency adoption, Turkey is one of the largest markets in the world. According to data published by Coinmarketcap, Turkey represents almost 16% of the world's cryptocurrency users. The country currently ranks 4th for the highest number of encryption users worldwide.
In addition, a recent report published by Reuters shows that stablecoin, Tether (USDT), is becoming increasingly popular among Turks.
“The data also showed that bitcoin and Tether, a 'fixed currency' aimed at maintaining a stable value, and widely used in encryption transactions, are the most popular for pound transactions since 2019. Bitcoin has arrived. to a record high of $ 69,000 in November. “The view that its limited supply makes it impervious to inflation, the currency is often seen as a storehouse of value, despite its volatility, has helped fuel its profits.”
