Inflation is driving the acceptance of cryptocurrencies in emerging economies

While the cryptocurrency industry has a variety of applications, the most common seems to be hedging against growing inflation.

According to a recent CoinMarketCap Twitter post, residents of countries dealing with inflation in emerging economies are mostly using their crypto assets to hedge against the devaluation of their currencies.

Venezuelans are embracing cryptocurrencies as a hedge against inflation.

According to CoinMarketCap, inflation in Venezuela has reached a record high of 472%, forcing many residents to turn to cryptocurrencies. According to the survey, there are 2.9 million crypto users in the country, representing 10.23% of the population.