Countries around the world are grappling with inflation, and in many places, investors and everyday savers are turning to crypto to protect their savings.
The early 2020s saw a sharp uptick in global inflation rates amid government stimulus programs during the COVID-19 epidemic. Supply chain disruptions led to increased costs for businesses, and food and energy prices rose following Russia’s war in Ukraine.
Central banks responded aggressively, hiking interest rates and easing pressure on supply chains. As a result, inflation rates have somewhat calmed in the last two years.
Still, some countries are suffering from extremely high inflation, even soaring into the triple digits. In these places, crypto has become one tool for people to save their finances.
Bolivia
Inflation rate (October 2025): 22.23%
Bolivia’s fiat currency, the boliviano, has seen skyrocketing inflation over the last year. Although it has fallen since hitting a high this summer, it remains above 20% as of October 2025.
The economy has declined over the last decade. Bolivia’s usable foreign reserves fell from $15 billion in 2014 to $1.98 billion by December 2024, equivalent to just over three months of imports.
Crypto use has grown in the country as a result. According to Chainalysis’ 2025 crypto adoption index, annual crypto transaction volume from June 2024 to June 2025 amounted to $14.8 billion.
Over the summer, shops in Bolivia began to display price tags in Tether’s US dollar-pegged stablecoin USDT (USDT). A notice next to one of the price tags read, “Our products are priced in USDT (Tether), a stable cryptocurrency with a reference price informed daily by the Central Bank of Bolivia, based on the rate from Binance (a cryptocurrency trading platform).”
Adoption is also occurring at the government level. On Tuesday, Bolivia’s economic minister, Jose Gabriel Espinoza, announced that banks will now be allowed to offer crypto custody. Crypto will also function as legal tender for savings accounts as well as for credit products and loans.
Venezuela
Inflation rate (April 2025): 172%
Inflation has run rampant in Venezuela. According to Trading Economics, the inflation rate crossed 170% in April 2025. More recent estimates from the International Monetary Fund (IMF) indicate an annual inflation rate of 270% for 2025. By October 2026, the IMF projects an annual inflation rate of 600%.
As a result, Venezuela ranks fourth in Latin America for value received in cryptocurrencies. Venezuelans received $44.6 billion in digital assets from July 2024 to June 2025, according to Chainalysis.
Related: Venezuela’s stablecoin use case grows amid war threats, ongoing sanctions
According to The New York Times, President Nicolas Maduro has managed to “rewire Venezuela’s economy to stablecoins” with many Venezuelans referring to stablecoins as “Binance dollars.”
María Corina Machado, a former Venezuelan presidential candidate, has publicly supported the use of Bitcoin (BTC). Machado was awarded the Nobel Peace Prize for her opposition to Maduro but has since become a center of controversy for pushing exaggerated or false claims to justify US military actions against Venezuela.
For the first time in history, the Nobel Peace Prize was awarded to a Bitcoiner.
Congratulations to Maria Corina Machado, and also to @HRF who continues to explain to the world what is so obvious to so many-
Bitcoin IS human rights pic.twitter.com/92cHOieeEb
— Jeff Park (@dgt10011) October 10, 2025
Argentina
Inflation rate (October 2025): 31.3%
Argentina’s inflation rate hit a high of nearly 300% in April 2024 and was 200% when President Javier Milei took power.
Milei has managed to address the inflation by a hardline austerity program, making sweeping cuts to public spending and subsidies, as well as ending domestic money printing.
This sweeping program, which Milei has symbolized with a chainsaw at political rallies, has led to a dramatic drop in the inflation rate, which now stands at just over 30%. It is still one of the highest inflation rates in the world.
The front-runner of the Argentine presidential election, Javier Milei, swinging a chainsaw during a rally
The chainsaw symbolizes the cuts in public spending that are in his electoral program:
“It’s time to put an end to the caste. We are tired of politicians who steal & lie” pic.twitter.com/1l20XcK0UU
— Visegrád 24 (@visegrad24) September 17, 2023
According to Chainalysis, Argentina is the second-largest country in Latin America in terms of value received in cryptocurrency, at $93.9 billion in transaction volume. Use has been growing relatively stably.
Argentinians may be using crypto and stablecoins to preserve their finances, but…
cointelegraph.com