Countries around the world are grappling with inflation, and in many places, everyday investors and savers are turning to cryptocurrencies to protect their savings.
The early 2020s saw a sharp rebound in global inflation rates amid government stimulus programs during the COVID-19 epidemic. Supply chain disruptions caused costs to rise for businesses, and food and energy prices rose following Russia’s war in Ukraine.
Central banks responded aggressively, raising interest rates and easing pressure on supply chains. As a result, inflation rates have calmed somewhat over the past two years.
Still, some countries suffer from extremely high inflation, even reaching triple digits. In these places, cryptocurrencies have become a tool for people to save their finances.
bolivia
Inflation rate (October 2025): 22.23%
Bolivia’s fiat currency, the boliviano, has experienced skyrocketing inflation over the past year. Although it has fallen since peaking this summer, it remains above 20% in October 2025.
The economy has declined over the past decade. Bolivia’s usable 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 cryptocurrencies has grown in the country. According to Chainalysis’ 2025 Cryptocurrency Adoption Index, the annual cryptocurrency transaction volume from June 2024 to June 2025 amounted to $14.8 billion.
Over the summer, stores in Bolivia began displaying price tags in Tether’s USDT (USDT) stablecoin pegged to the US dollar. A notice next to one of the price tags read: “Our products are priced in USDT (Tether), a stable cryptocurrency with a reference price reported daily by the Central Bank of Bolivia, based on the rate of Binance (a cryptocurrency trading platform).”
Adoption is also occurring at the government level. On Tuesday, Bolivia’s Economy Minister José Gabriel Espinoza announced that banks will now be able to offer cryptocurrency custody. Cryptocurrencies will also function as legal tender for savings accounts, as well as credit and loan products.
Venezuela
Inflation rate (April 2025): 172%
Inflation has skyrocketed in Venezuela. According to Trading Economics, the inflation rate exceeded 170% in April 2025. Most recent estimates from the International Monetary Fund (IMF) indicate an annual inflation rate of 270% by 2025. By October 2026, the IMF projects an annual inflation rate of 600%.
As a result, Venezuela ranks fourth in Latin America for value received in cryptocurrencies. Venezuelans received $44.6 billion in digital assets from July 2024 to June 2025, according to Chainalysis.
Related: Venezuela stablecoin use case grows amid war threats and ongoing sanctions
According to The New York Times, President Nicolás Maduro has managed to “reconnect Venezuela’s economy to stablecoins” and many Venezuelans refer to stablecoins as “Binance dollars.”
María Corina Machado, former Venezuelan presidential candidate, has publicly supported the use of Bitcoin (BTC). Machado received the Nobel Peace Prize for his opposition to Maduro, but has since become a center of controversy for pushing exaggerated or false claims to justify US military actions against Venezuela.
For the first time in history, the Nobel Peace Prize was awarded to a Bitcoiner.
Congratulations to María Corina Machado, and also to @HRF that continues to explain to the world what is so obvious to so many:
Bitcoin IS human rights pic.twitter.com/92cHOieeEb
-Jeff Park (@dgt10011) October 10, 2025
Argentina
Inflation rate (October 2025): 31.3%
Argentina’s inflation rate peaked at nearly 300% in April 2024 and was 200% when President Javier Milei took power.
Milei has managed to tackle inflation through a hardline austerity programme, making sweeping cuts to public spending and subsidies, as well as ending domestic money printing.
This extensive program, which Milei has symbolized with a chainsaw at political rallies, has caused a dramatic drop in the inflation rate, which now stands at just over 30%. It remains one of the highest inflation rates in the world.
Argentine presidential election favorite Javier Milei brandishing a chainsaw during a rally.
The chainsaw symbolizes the public spending cuts in his electoral program:
“It’s time to end caste. We are tired of politicians who steal and lie” pic.twitter.com/1l20XcK0UU
— Visegrad 24 (@visegrad24) September 17, 2023
According to Chainalysis, Argentina is the second largest country in Latin America in terms of value received in cryptocurrencies, with a transaction volume of $93.9 billion. Its use has been growing relatively steadily.
Argentines may be using cryptocurrencies and stablecoins to preserve their finances, but cryptocurrency adoption is not reflected at the government level. Despite pro-cryptocurrency rhetoric from Milei and some MPs, the government has done little to formally embrace digital assets.
Turkey
Inflation rate (October 2025): 32%
Turkey’s inflation peaked in 2022 for several reasons, one of the most notable being President Recep Tayyip Erdoğan’s belief that high interest rates breed inflation. Using this unorthodox policy, the president slashed interest rates. This, combined with rising production and import costs, caused inflation to peak at 85% in October 2022.
The return to more conventional methods of monetary policy has reduced the inflation rate to just over 30%. However, it is still one of the highest worldwide.
Many people in Türkiye have turned to cryptocurrencies for payments and investments. According to Chainalysis, Türkiye leads the Middle East and North Africa, with $200 billion in crypto transactions from July 2024 to June 2025.
As inflation declines, the historical preference for stablecoins in Türkiye has become increasingly dominated by altcoin trading.
Related: Turkey’s $200B Crypto Boom Is Based on Speculation, Not Adoption: Chainalysis
“The timing of this altcoin surge coincides with broader regional economic pressures. It may reflect desperate yield-seeking behavior among remaining market participants, who, faced with declining purchasing power and a more restrictive regulatory regime, have taken on greater risk in search of outsized returns,” Chainalysis said.
Iran
Inflation rate (September 2025): 45.3%
Iran’s inflation rate is rising again, exceeding 40% in June and reaching 45% in September.
The country has been plagued by inflation for years. Iran is currently under a strong international sanctions regime, both in terms of products allowed for import and its ability to use international payment methods.
Public spending has increased while living costs have increased. The government is also planning a new denomination of the local currency, the rial, as transactions in rial notes have become unwieldy.
Iran has long recognized the potential of cryptocurrencies to avoid sanctions. It legalized mining in 2019 and the exchanges are popular among retail investors. However, the space is heavily regulated. When it comes to mining, high energy rates (a result of the country’s current energy crisis) have driven many miners underground.
Despite this, cryptocurrency inflows are growing and are on track to surpass 2023 and 2024.
Nigeria
Inflation rate (October 2025): 16%
Over the last year, inflation in Nigeria has dropped from over 30% to just 16% at the time of writing. It has fallen to its lowest level in three years.
Better supply conditions have alleviated one of the main factors driving inflation: food price inflation. According to Reuters, this figure fell to 16.87% in September from 21.87% in August. President Bola Tinubu introduced several reforms, including the removal of fuel subsidies and exchange rate unification. In August, the Central Bank of Nigeria cut its benchmark interest rate for the first time in three years.
According to Chainalysis, Nigeria leads sub-Saharan Africa in crypto transactions, receiving a value of $92.1 billion between July 2024 and June 2025.
“Nigeria’s scale is linked not only to its population and tech-savvy youth, but also to persistent inflation and currency access issues that have made stablecoins an attractive alternative,” they said.
Global inflation may be slowing, but in areas where the local monetary system cannot yet be trusted, cryptocurrencies remain a viable and attractive alternative.
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