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A new survey by Jack Dorsey led financial services firm Block shows that countries experiencing high inflation score high on Bitcoin adoption.
The study done by the firm, formerly known as Square, finds that the idea of buying Bitcoin as a hedge against inflation is most widely lived in Argentina, closely followed by Nigeria and India. The report says:
“If we look at the share of people who say that ‘protection against inflation’ is a good reason to buy Bitcoin, we see that it is strongly correlated with inflation rates by country, with Argentina leading the pack.”
According to data provider Trading Economics, as of April, Argentina, Nigeria and India had inflation rates of 58%, 16.82% and 7.79%, respectively.
Block’s survey results also indicate that Bitcoin adoption and popularity is higher in countries with a large inflow of remittances and low-income countries:
“Countries with lower per capita GDP and higher shares of income from remittances have greater rates of people citing purchasing goods and services and sending money as good reasons to buy Bitcoin.”
The study further reveals that that the most optimistic countries about the future of Bitcoin are developing economies in Asia, South America and Africa:
“Nigeria, India, Vietnam, and Argentina have the highest rates of optimism about Bitcoin’s future as well as the highest claimed levels of cryptocurrency knowledge more broadly.”