Countries around the world are battling inflation, and in many places, investors and ordinary savers are turning to cryptocurrency to protect their savings.
In the early 2020s, driven by government stimulus plans during the COVID-19 pandemic, global inflation rates surged sharply. Supply chain disruptions led to increased costs for businesses, and food and energy prices rose following Russia's war in Ukraine.
Central banks responded aggressively, raising interest rates and alleviating supply chain pressures. As a result, inflation rates have cooled somewhat over the past two years.
Nevertheless, some countries still suffer from extremely high inflation, even soaring into triple digits. In these places, cryptocurrency has become a tool for people to safeguard their finances.
Inflation Rate (October 2025): 22.23%
Bolivia's fiat currency, the boliviano, has experienced soaring inflation over the past year. Although it has retreated from its peak this summer, it remains above 20% as of October 2025.
The economy has declined over the past decade. Bolivia's available foreign exchange reserves fell from $15 billion in 2014 to $1.98 billion in December 2024, equivalent to just over three months of imports.
As a result, the use of cryptocurrency in the country has increased. According to Chainalysis's 2025 Crypto Adoption Index, the annual cryptocurrency trading volume reached $14.8 billion from June 2024 to June 2025.
This summer, stores in Bolivia began pricing their products in Tether's USDt, a stablecoin pegged to the US dollar. A notice next to a price tag read, "Our products are priced in USDt (Tether), a stable cryptocurrency whose reference price is provided daily by the Central Bank of Bolivia, based on the exchange rate from Binance (a cryptocurrency exchange)."
Adoption at the government level is also occurring. On Tuesday, Bolivia's Minister of Economy, Jose Gabriel Espinoza, announced that banks will now be allowed to offer cryptocurrency custody services. Cryptocurrency will also be used as legal tender for savings accounts, credit products, and loans.
Inflation Rate (April 2025): 172%
Venezuela is ravaged by inflation. According to Trading Economics, the inflation rate exceeded 170% in April 2025. The latest estimates from the International Monetary Fund (IMF) indicate an annual inflation rate of 270% for 2025. By October 2026, the IMF expects the annual inflation rate to reach 600%.
As a result, Venezuela ranks fourth in Latin America for cryptocurrency acceptance value. According to Chainalysis, Venezuelans received $44.6 billion in digital assets from July 2024 to June 2025.
According to The New York Times, President Nicolas Maduro has "restructured Venezuela's economy around stablecoins," with many Venezuelans referring to stablecoins as "Binance dollars."
María Corina Machado, a former presidential candidate in Venezuela, publicly supports the use of Bitcoin. Machado was awarded the Nobel Peace Prize for opposing Maduro but later became a controversial figure for promoting exaggerated or false claims to justify US military action against Venezuela.
For the first time in history, the Nobel Peace Prize was awarded to a Bitcoiner. Congratulations to Maria Corina Machado, and also to @HRF who continues to explain to the world what is so obvious to so many—Bitcoin IS human rights pic.twitter.com/92cHOieeEb
Inflation Rate (October 2025): 31.3%
Argentina's inflation rate peaked at nearly 300% in April 2024, when President Javier Milei took office at 200%.
Milei addressed the inflation issue with a tough austerity plan, significantly cutting public spending and subsidies, and halting domestic currency printing.
This comprehensive plan, which Milei symbolically represented with a chainsaw at political rallies, led to a significant drop in inflation, now just above 30%. It remains one of the highest inflation rates in the world.
The front-runner of the Argentine presidential election, Javier Milei, swinging a chainsaw during a rally. The chainsaw symbolizes the cuts in public spending that are in his electoral program: "It's time to put an end to the caste. We are tired of politicians who steal & lie" pic.twitter.com/1l20XcK0UU
According to Chainalysis, Argentina ranks second in Latin America for cryptocurrency acceptance value, with a trading volume of $93.9 billion. Usage has been steadily increasing.
While Argentinians may use cryptocurrency and stablecoins to protect their finances, the adoption of cryptocurrency has not been reflected at the government level. Despite Milei and some lawmakers expressing support for cryptocurrency, the government has taken little action to formally adopt digital assets.
Inflation Rate (October 2025): 32%
Turkey's inflation peaked in 2022, partly due to President Recep Tayyip Erdoğan's belief that high interest rates lead to inflation. Using this unorthodox policy, the president significantly lowered interest rates. Combined with rising production and import costs, inflation reached a peak of 85% in October 2022.
Returning to more traditional monetary policy methods has brought the inflation rate down to just above 30%. However, it remains one of the highest in the world.
Many Turks are turning to cryptocurrency for payments and investments. According to Chainalysis, Turkey leads the Middle East and North Africa region, with cryptocurrency trading volume of $200 billion from July 2024 to June 2025.
As inflation decreases, Turkey's historical preference for stablecoins is increasingly dominated by altcoin exchanges.
"This surge in altcoins coincides with broader regional economic pressures. It may reflect a desperate pursuit of returns among remaining market participants, who face declining purchasing power and stricter regulatory regimes, thus taking on greater risks in pursuit of excess returns," Chainalysis stated.
Inflation Rate (September 2025): 45.3%
Iran's inflation rate has risen again, surpassing 40% in June and reaching 45% by September.
The country has been plagued by inflation for years. Iran is currently under severe international sanctions, affecting both the products allowed for import and the ability to use international payment channels.
Increased government spending and rising living costs are contributing factors. The government also plans to revalue its currency, the rial, as transactions with rial banknotes have become inconvenient.
Iran has long recognized the potential of cryptocurrency to evade sanctions. In 2019, it legalized mining, and exchanges have been welcomed by retail investors. However, the sector is heavily regulated. In terms of mining, high energy tariffs (a result of the country's ongoing energy crisis) have forced many miners underground.
Despite this, the inflow of cryptocurrency is growing and is expected to surpass that of 2023 and 2024.
Inflation Rate (October 2025): 16%
Over the past year, Nigeria's inflation rate has dropped from over 30% to 16% at the time of writing. It has fallen to its lowest level in three years.
Improved supply conditions have alleviated one of the main drivers of inflation—food price inflation. According to Reuters, this dropped from 21.87% in August to 16.87% in September. President Bola Tinubu has implemented several reforms, including the removal of fuel subsidies and the unification of exchange rates. In August, the Central Bank of Nigeria lowered the benchmark interest rate for the first time in three years.
According to Chainalysis, Nigeria leads sub-Saharan Africa in cryptocurrency trading, receiving $92.1 billion in value from July 2024 to June 2025.
"Nigeria's scale is not only related to its population and tech-savvy youth but also to ongoing inflation and foreign exchange access issues, which make stablecoins an attractive alternative," they stated.
While global inflation may be slowing, cryptocurrency remains a viable and attractive alternative in regions where local currency systems are still unreliable.
Related: Bitcoin (BTC) faced the worst November in seven years, but the outlook for the new year remains optimistic.
Original article: “Fiat Inflation Drives Global Cryptocurrency Adoption”
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