Global inflation has eased in recent years, yet in many regions, cryptocurrency continues to serve as a practical alternative to unstable local currencies. Despite some improvement, several countries still face severe inflation, pushing both investors and ordinary citizens toward digital assets.
During the early 2020s, worldwide inflation rose sharply. Government stimulus during the COVID-19 period, major supply chain disruptions and rising food and energy costs caused by Russia’s invasion of Ukraine all contributed to price increases. In response, central banks tightened monetary policy and raised interest rates, which helped bring inflation down.
Even so, a number of economies are struggling with extremely high inflation rates, including cases where prices have surged into triple digits. In these environments, crypto has emerged as a tool to preserve savings and maintain purchasing power.
Bolivia
Inflation rate (October 2025): 22.23%
Bolivia has seen rapid inflation in its national currency, the boliviano. While inflation has eased slightly since its summer peak, it remains above 20%. Economic conditions have worsened over the past decade, with usable foreign reserves falling from $15 billion in 2014 to just $1.98 billion by the end of 2024 — only enough to cover a few months of imports.
As the boliviano weakens, crypto adoption has accelerated. Chainalysis data shows that between June 2024 and June 2025, Bolivia recorded $14.8 billion in crypto transaction volume. Many retailers have even begun pricing goods in the USD-pegged stablecoin USDT, referencing exchange rates published by the Central Bank of Bolivia and Binance.
The government is also opening the door to wider adoption. Economic minister Jose Gabriel Espinoza announced that banks may now offer crypto custody services and that crypto can be used as legal tender for savings accounts, loans and credit products.
Venezuela
Inflation rate (April 2025): 172%
Venezuela continues to face one of the most severe inflation crises in the world. Inflation hit 170% in April 2025, with IMF estimates placing the annual rate closer to 270%. The IMF expects inflation to reach 600% by late 2026.
These extreme conditions have driven massive crypto usage. From July 2024 to June 2025, Venezuelans received $44.6 billion in digital assets, making the country one of the top adopters in Latin America. Stablecoins are now commonly referred to as “Binance dollars,” highlighting how deeply they are integrated into daily transactions.
Political figures have also played roles in shaping public attitudes. Former presidential candidate María Corina Machado has voiced support for Bitcoin, though her political actions remain controversial.
Argentina
Inflation rate (October 2025): 31.3%
Argentina has faced years of high inflation, which peaked at nearly 300% in April 2024. When President Javier Milei took office, inflation was still around 200%. His administration implemented strict austerity measures, cutting public spending and halting domestic money printing. As a result, inflation dropped to just above 30%.
Crypto is widely used in Argentina, primarily as a way to preserve personal savings. Chainalysis reports that from July 2024 to June 2025, Argentina received $93.9 billion in crypto value, ranking second in Latin America. However, despite frequent political discussion about crypto, the government has not taken major steps toward official adoption.
Turkey
Inflation rate (October 2025): 32%
Turkey experienced extreme inflation in 2022, reaching 85%. This was partly due to President Recep Tayyip Erdoğan’s unconventional belief that high interest rates cause inflation, which led to steep rate cuts. Combined with rising production costs, inflation surged until more traditional monetary policies were restored.
Although inflation has decreased to just over 30%, it is still high. Crypto adoption remains strong, especially for payments and speculative trading. Turkey leads the Middle East and North Africa (MENA) region with $200 billion in crypto transaction volume during the year ending June 2025.
As inflation slowly stabilizes, Turkish investors are shifting from stablecoins to higher-risk altcoins, driven by the search for stronger returns in a challenging economic environment.
Iran
Inflation rate (September 2025): 45.3%
Iran continues to face long-term inflation issues, driven by heavy international sanctions, rising living costs and increased government spending. Inflation climbed above 40% in mid-2025 and reached 45% by September. The government is preparing to redenominate the rial due to its declining usability in everyday transactions.
Despite strict regulations, Iran has embraced crypto as a way to navigate sanctions and access international markets. Mining has been legal since 2019, although high electricity prices have pushed many miners underground. Crypto inflows into Iran are rising and are expected to exceed levels from 2023 and 2024.
Nigeria
Inflation rate (October 2025): 16%
Nigeria’s inflation rate has fallen significantly over the past year, dropping from above 30% to 16% — the lowest level in three years. Improved supply conditions, especially in food production, helped ease price pressures. Government reforms, including the removal of fuel subsidies and changes to the exchange rate system, contributed to this decline.
Crypto adoption remains strong. Nigeria leads Sub-Saharan Africa in crypto activity, receiving $92.1 billion in digital asset value between July 2024 and June 2025. Chainalysis attributes this to persistent inflation, limited access to foreign currency and a young, technologically savvy population.
Across the world, inflation has eased in many places, but where local currencies remain unstable, cryptocurrencies continue to offer a reliable and appealing alternative.
