People who do not own a cryptocurrency but live in countries where their currency has depreciated against the US dollar were more than five times as likely to say they planned to buy the cryptocurrency as an inflation hedge.
For example, only 16% of Americans and 15% of Europeans thought cryptocurrencies protect against inflation, compared to 64% in Indonesia and India.
According to news outlet Reuters, the Indian rupee has depreciated 17.5% against the dollar over the past five years, while the Indonesian rupiah has depreciated by 50% against the dollar between 2011 and 2020.
In 2021, only 17% of Europeans claimed to own a digital asset, of whom only 7% did not own a cryptocurrency, indicating that they wanted to buy it at some point.
According to CoinGecko, while bitcoin, the most popular cryptocurrency, spent most of 2022 trading in a small region of $34,000-$44,000, it helped propel the value of the cryptocurrency market beyond $3 trillion as it became an all-time high. reached high. Over $68,000 in November.