Bitcoin & Crypto Surge Amidst Economic Uncertainty

Amidst global economic uncertainty, digital asset usage is surging as people seek alternative solutions for financial needs. A recent report by the Bank for International Settlements (BIS) revealed that Bitcoin and other cryptocurrencies are gaining traction during times of high inflation, costly transfers, and restricted capital flows. The BIS data shows a significant increase in cryptocurrency transactions across borders. From around $7 billion in early 2017 to over $800 billion by the end of 2021, cross-border crypto transfers have witnessed remarkable growth. Although Bitcoin still holds a prominent position, its share has declined significantly as people increasingly utilize stablecoins like USDT and USDC. This shift reflects the evolving needs of users seeking more flexible and accessible solutions for international money transfers in times of economic turmoil.