Global inflation has slowed down, but in many countries, crypto is still providing an attractive and viable alternative to the local monetary system.
Analysis
Countries around the world are grappling with inflation, and in many places, investors and everyday savers are turning to crypto to protect their savings.
The early 2020s saw a sharp uptick in global inflation rates amid government stimulus programs during the COVID-19 epidemic. 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, hiking interest rates and easing pressure on supply chains. As a result, inflation rates have somewhat calmed in the last two years.
Still, some countries are suffering from extremely high inflation, even soaring into the triple digits. In these places, crypto has become one tool for people to save their finances.
Bolivia
Inflation rate (October 2025): 22.23%
Bolivia’s fiat currency, the boliviano, has seen skyrocketing inflation over the last year. Although it has fallen since hitting a high this summer, it remains above 20% as of October 2025.
The economy has declined over the last decade. Bolivia’s usable foreign reserves from $15 billion in 2014 to $1.98 billion by December 2024, equivalent to just over three months of imports.
Crypto use has grown in the country as a result. According to Chainalysis’ 2025 crypto adoption index, annual crypto transaction volume from June 2024 to June 2025 to $14.8 billion.
Over the summer, shops in Bolivia in Tether’s US dollar-pegged stablecoin USDT (). A notice next to one of the price tags read, “Our products are priced in USDT (Tether), a stable cryptocurrency with a reference price informed daily by the Central Bank of Bolivia, based on the rate from Binance (a cryptocurrency trading platform).”
Adoption is also occurring at the government level. On Tuesday, Bolivia’s economic minister, Jose Gabriel Espinoza, . Crypto will also function as legal tender for savings accounts as well as for credit products and loans.
Venezuela
Inflation rate (April 2025): 172%
Inflation has run rampant in Venezuela. According to Trading Economics, the inflation rate 170% in April 2025. More recent from the International Monetary Fund (IMF) indicate an annual inflation rate of 270% for 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.
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According to The New York Times, President Nicolas Maduro has to “rewire Venezuela’s economy to stablecoins” with many Venezuelans referring to stablecoins as “Binance dollars.”
María Corina Machado, a former Venezuelan presidential candidate, has publicly supported the use of Bitcoin (). Machado was awarded the Nobel Peace Prize for her opposition to Maduro but has since 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 Maria Corina Machado, and also to who continues to explain to the world what is so obvious to so many-
Bitcoin IS human rights
— Jeff Park (@dgt10011)
Argentina
Inflation rate (October 2025): 31.3%
Argentina’s inflation rate hit a high of nearly 300% in April 2024 and was 200% when President Javier Milei took power.
Milei has managed to address the inflation by a hardline austerity program, making sweeping cuts to public spending and subsidies, as well as ending domestic money printing.
This sweeping program, which Milei has symbolized with a chainsaw at political rallies, has led to a dramatic drop in the inflation rate, which now stands at just over 30%. It is still 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”
— Visegrád 24 (@visegrad24)
According to Chainalysis, Argentina is the second-largest country in Latin America in terms of value received in cryptocurrency, at $93.9 billion in transaction volume. Use has been growing relatively stably.
Argentinians may be using crypto and stablecoins to preserve their finances, but adoption of crypto is not reflected at the government level. Despite crypto-friendly rhetoric from Milei and some deputies, the government has .
Turkey
Inflation rate (October 2025): 32%
Turkey’s inflation peaked in 2022 for a number of reasons, one of the most notorious being President Recep Tayyip Erdoğan’s belief that high interest rates lead to inflation. Using this unorthodox policy, the president lowered interest rates dramatically. This, in combination with increasing production and import costs, saw inflation peak at 85% in October 2022.
A return to more conventional methods of monetary policy has lowered the inflation rate to just over 30%. However, it remains one of the highest globally.
Many people in Turkey have turned to cryptocurrencies for payments and investments. According to Chainalysis, Turkey the Middle East and North Africa, with $200 billion in crypto transactions from July 2024 to June 2025.
As inflation lowers, the historical preference for stablecoins in Turkey has become increasingly dominated by altcoin trading.
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“The timing of this altcoin surge coincides with broader regional economic pressures. It may reflect a desperate yield-seeking behavior among remaining market participants, who, faced with diminishing purchasing power and a more restrictive regulatory regime have embraced greater risk in pursuit of outsized returns,” Chainalysis stated.
Iran
Inflation rate (September 2025): 45.3%
Iran’s inflation rate is on the rise again, crossing 40% in June and reaching 45% as of September.
The country has been plagued by inflation for years. Iran is currently under a heavy international sanctions regime, both in terms of products allowed for import and its ability to use international payment rails.
Government spending has increased while the costs of living have risen. The government is also planning a redenomination of the local currency, the rial, as transactions in rial notes have become unwieldy.
Iran has long recognized the potential for crypto to avoid sanctions. It legalized mining in 2019, and exchanges are popular among retail investors. However, the space is heavily regulated. As far as mining is concerned, high energy tariffs (the result of the country’s ongoing energy crisis) have .
Despite this, crypto 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 decreased from over 30% to just 16% at the time of writing. It has fallen to its lowest level in three years.
Improved supply conditions have relieved one of the primary factors driving inflation, food price inflation. This to 16.87% in September from 21.87% in August, according to Reuters. President Bola Tinubu introduced several reforms, including the removal of fuel subsidies and the unification of the exchange rate. In August, the Central Bank of Nigeria cut its benchmark interest rate for the first time in three years.
According to Chainalysis, Nigeria Sub-Saharan Africa in crypto transactions, receiving $92.1 billion in value from July 2024 to June 2025.
“Nigeria’s scale is tied not only to its population and tech-savvy youth, but also to persistent inflation and foreign currency access issues that have made stablecoins an attractive alternative,” they stated.
Global inflation may be slowing down, but in areas where the local monetary system still cannot be relied upon, crypto remains a viable and attractive alternative.
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