Economically-Troubled Countries’ Interest in Using Cryptocurrencies

Economically-Troubled Countries’ Interest in Using Cryptocurrencies

“Necessity is the mother of invention” is a common proverb which best explains the current condition of some countries got engaged in political and financial dilemmas.

Statistics Prove the Frequency of Using Cryptocurrencies

Statistica Global Consumer Survey, edition 2019, is active in offering consumption patterns in worldwide scales. It includes different fields and can help businessmen or researchers to find valid data to make vital decisions.

One of these surveys carried out so far focuses on the prevalence of applying cryptocurrencies and their dispersion. It selected about 1000 respondents from the countries taking part in the study. Its major purpose was to know how much is the participants’ share in working with cryptocurrencies.

Intriguing Results about Economically-Troubled Countries

Statistica selected the most influential countries in its research from those in in the south of U.S. border (e.g., Brazil, Colombia, Argentina, Chile). They all had double scores in using cryptocurrencies.

Two Similar Cases in Two Continents

From the one hand, it is Venezuela about which you continuously have heard during recent months and facing economic problems made it one of hot news, and it is suffering from hyperinflation. This unstable condition has formed one of the summits of the curve depicted in Statistica results. Currently, there are more than 200 businesses with payment through Bitcoin Cash BCH, and it seems that this figure will increase in the future.

On the other hand, Turkey, which is located on the border of Asia and Europe, was involved in the study. The same economic condition and the value decrease in its fiat currency, i.e., Lira, have caused the adoption of cryptocurrencies too.

Which Countries Has the Highest Ranks?

Again, the pioneer country is Turkey, with 20% of cryptocurrencies. The second and third countries, however, are from South America; i.e., Brazil and Colombia. The highest populated country of the world, which is going to be an economic giant; that is, china, is on the seventh rank along with Chile and Indonesia. These three countries own 11% of crypto-holders too.

There are some cases in Europe too, which have looked at the field of cryptocurrencies as a quick fix. With 10% of cryptocurrency holders, Spain gets the eight rank among the selected countries.