Even though mass cryptocurrency adoption still has a long way to go, Turkey has now emerged as the most likely country to cause massive adoption of digital currencies.

Turkey has the highest cryptocurrency owners

According to research conducted by Statistica on 15,000 individuals, Turkey currently has the highest number of individuals holding cryptocurrencies. According to the research, 18% of respondents in the country hold Bitcoin or other cryptocurrencies.

The U.S, which many consider one of the most important crypto economies in the world ranked way below Turkey. Only 8% of respondents in the U.S affirmed that they own cryptocurrencies according to the Statista survey.

Romania, Poland, and Spain were all ahead of the U.S in the rankings too.

Despite the volatility of cryptocurrencies, it has become an interesting asset class amongst investors in the European country. Merchants and businesses in the country started considering cryptocurrencies following sanctions placed on them by the United States.

Earlier this month, the U.S. government imposed additional sanctions on the country, which led the Turkish Lira losing over 20% in one day.

In Turkey, rising inflation (15.85% as of July 2018), and a depreciating Lira are now leading more and more consumers towards cryptocurrency.

The Turkish New Lira has halved in value over the past 12 months, eroding household savings and hurting export revenues of the economy.

This situation in the country is leading an increasing number of people to store their funds in crypto as opposed to fiat currency.

The wider European market was equally affected, as the EURO dipped to a 14 month low against the U.S Dollars earlier this month due to the situation in Turkey.

Germany, the leading economy in the Eurozone last week revealed that it will work on creating a financial system that is independent of the United States. The main catalyst behind this is to avoid undergoing a situation similar to that of Iran and Turkey due to U.S sanctions.

Fiat currency weakness builds a strong case for cryptocurrency adoption

Turkey isn’t an isolated case. Countries with weak currencies are looking to cryptocurrencies now more than ever. Venezuela, which was hit by U.S sanctions, also has developed a national cryptocurrency, Petro.

The Petro was developed with the aim of helping the country circumnavigate the sanctions placed on them by the White House. More traders and businesses in the country have turned to cryptocurrencies, as Bitcoin trading continues to rise in Venezuela.

Zimbabwe is another country where the citizens are purchasing cryptocurrencies to protect against hyperinflation. In fact, Africa is regarded by many to be the next important region to embrace Bitcoin and other alternatives currencies.