Turkey’s inflationary disaster is leading to increased adoption for certain cryptoassets, including Shiba Inu ($SHIB) and Tether ($USDT).
According to a new report by CoinDesk, the Turkish Lira’s plunging value and a soaring inflation is forcing the residents of the country to turn to cryptoassets as an alternative.
While Bitcoin has historically been a favored digital store-of-value asset for countries in similar situations, the report claims Turkish citizens are looking to $SHIB and $USDT as alternatives. Trading volume for the BTC/TRY trading pair on Binance was $918 million in November, less than one-fifth that of the SHIB/TRY ($5.26 bln) and USDT/TRY ($5.58 bln) trading pairs.
Strahinja Savic, head of data and analytics at Toronto-based FRNT Financial, told CoinDesk:
“The data shows despite the instability faced by the lira, local traders are still attracted to the exceptional returns associated with coins such as SHIB.”
The Turkish Lira has depreciated 87% this year, including a 40% crash against the dollar in November. The native currency is on pace for its ninth straight annual drop, with inflation topping 20%.
Credit : LINK
