Inflation is driving the acceptance of cryptocurrencies in emerging economies

Because they are a direct alternative currency to fiat currencies, #cryptocurrencies are often seen as a hedge against inflation, as many prominent cryptocurrencies have proven to be.

Other countries with high inflation rates, such as Brazil, Nigeria, Pakistan and Colombia, also use cryptocurrencies as a viable alternative to their own fiat currencies, according to the survey.

Meanwhile, about 8 percent of U.S. residents - who are also dealing with rising inflation - have entered the digital asset space.

Lack of Internet connectivity is hindering the adoption of cryptocurrencies.

According to CoinMarketCap's research, certain countries with high inflation rates, such as Sudan and Lebanon, where inflation is over 200%, and Syria, where inflation is over 200% at 139.46%, remain low adopters of cryptocurrencies.

According to the report, only 0.91% of Sudanese residents have adopted cryptocurrencies, while the figures for Syria and Lebanon are only slightly above 1%.

This low adoption rate does not reflect the attitude of residents towards cryptocurrencies. Rather, it demonstrates the difficulty of accessing crypto services due to limited internet connectivity and the lack of legal on/off ramps. Internal discord may also be a factor.