Crypto Becomes Escape Amidst Rapidly Rising Global Inflation Rates

Crypto yield farmer and YouTuber Patrick, also known as @Dynamo_Patrick, posted on his official Twitter account with over 25k followers, the list of countries where inflation is off the roof. In a screenshot he lists the top ten highest inflation rates across the world.

The 10 highest inflation rates around the world.

Crypto might seem like a fun novelty to many, but to millions of people it is the only escape from a rapidly inflating local currency. pic.twitter.com/0zFpYQ6Ixg

— Patrick | Dynamo DeFi (@Dynamo_Patrick) December 20, 2022

The tweet features countries such as Zimbabwe with a whopping 255% inflation rate for November 2022, against a previous rate of 269%. Other countries on the list include Lebanon at 155% against a previous rate of 162%, alongside Venezuela with 156% compared to a past record of 157%.

Moreover, Syria and Sedan are also listed at 139% and 103% inflation rates against past rates of 134% and 107%, respectively. Argentina demonstrated a 92.4% increased inflation rate compared to its history of 88%.

Turkey stood at 84.39% against the previous rate of 85.51%, while Sri Lanka recorded 61% in November since its previous rate of 66%. In addition, Iran witnessed an inflation rate of 52.2% from its previous 54%. Lastly, Ghana recorded a rising inflation rate of 50.3% against its previous 40.4%.

The Twitter handle also highlighted that,

Crypto might seem like a fun novelty to many, but to millions of people it is the only escape from a rapidly inflating local currency.

Meanwhile, the Federal Reserve in the US plans to continue rising interest rates, making it harder for the crypto industry to gain back its momentum. Strategists belonging to the Bank of America wrote that “the Fed isn’t done hiking until the data says so.”

Based on inflation figures, the Feds may consider slowing down liquidity-tightening activities. However, inflation mitigation measures are not going to pause soon enough. Hence, investors must be prepared for a volatile cryptocurrency market for at least a while.

Source