Though mass cryptocurrency adoption, still has a long way to go, the digital assets seem to finally find a footing amongst the commoners; at least in Turkey. A research conducted by Statistica on 15,000 individuals, suggests that currently, the market leader in terms of cryptocurrency ownership is Turkey.
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The situations in Turkey has affected the wider European market equally, as the Euro dipped to a 14 month low against the U.S Dollars earlier this month. Last week, one of the leading economy in the Eurozone, Germany announced that it will work on creating a financial system that is independent of the United States. As the country doesn’t want to undergo a situation similar to that of Iran and Turkey due to U.S sanctions.
Mass Adoption of Crypto
The weakening positions of the fiat currency are opening doors for crypto. Another country that observed a massive hit by U.S sanctions, Venezuela, developed a national cryptocurrency, Petro. Petro is Venezuela’s answer and aims to circumnavigate the sanctions placed on them by the White House.
While Petro hasn’t received a warm welcome form its country, the traders and businesses in the country are turning towards Bitcoin as a resort. In fact, Venezuela sets new bitcoin trading record by surpassing 500 million bolivars, in just one week.
The citizens of countries like Zimbabwe and Africa are also resorting to cryptocurrencies to protect themselves against hyperinflation. Notably, Africa is currently considered as the next important region to embrace Bitcoin and other alternatives currencies.