Hyperinflation fuels Bitcoin’s rise in Turkey and Lebanon, experts say
At the Plan B Forum in Switzerland, Rikki and David from the Bitcoin Explorers Project shared their observations on cryptocurrency adoption in Turkey and Lebanon, countries currently grappling with severe inflation . Crypto in Turkey Rikki described the rampant inflation plaguing Turkey, with prices rising 60% annually, according to official statistics, and possibly more unofficially. He recounted seeing locals lining up to exchange Turkish lira for US dollars and gold to preserve their purchasing power. You might also like: Turkey sees rise in adult crypto investors, report reveals Rikki also showed images of Bitcoin ATMs and shops accepting cryptocurrency in Istanbul, evidence of growing Bitcoin (BTC) adoption. However, he noted usage may still be limited, as the Turkish government banned cryptocurrencies for payments in April 2021. Crypto in Lebanon The explorers then turned to Lebanon, where inflation has skyrocketed to over 250% amid a major economic crisis. Rikki...