Demand for bitcoin is high in hyper-inflation countries

In the past few weeks, bitcoin advocates have found that the price of bitcoin and some other popular digital assets are higher in some mark...


In the past few weeks, bitcoin advocates have found that the price of bitcoin and some other popular digital assets are higher in some markets than most of the world.
This trend is seen in countries experiencing economic recession and hyperinflation.
Accordingly, the nation's currency began to depreciate extremely fast and prices of medical goods and services increased. Because of this factor, citizens of these countries often switch to foreign currencies to prevent rapid inflation.

The price of bitcoin in the Peso dong reaches a new full-time peak (source: Google)
Bitcoin advocates realize that bitcoin prices in Argentina are higher than other markets.
Compared to pesos, bitcoin prices have increased significantly, even surpassing the peak in 2017.


Bitcoin prices in countries with high inflation increased sharply (source: Google)
Price trends also occur in countries with much devalued currencies like Venezuela, Sudan and Turkey. And there are countries like Colombia, Chile and Russia that currently have higher transaction volume and demand.

For example, in Venezuela, due to hyperinflation, Venezuela's Bolivar fell to a near-zero threshold. This is in the context of a dramatic escalation in Venezuela's political tension and the country is said to have fallen into the worst humanitarian crisis in recent history.

The skyrocketing Bitcoin trading volume in Venezuela is seen as a signal that people in the country increasingly want to hold electronic money to replace the local currency as a valuable storage channel.

In addition, political politics among countries also contributes to many people increasingly seeking bitcoin.

Tension between the US and Iran is becoming more and more complicated, Iran is being imposed by many US sanctions. Therefore, in response, Iranians are looking to electronic money as a secure asset storage channel, the amount of bitcoin transactions in Iran has also increased recently.
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High Tech Brain: Demand for bitcoin is high in hyper-inflation countries
Demand for bitcoin is high in hyper-inflation countries
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