Some call the rising adoption in cryptocurrencies as a correlation to the declining public trust in central banks. In my view, I think it could be a causation.
In this chart from Statista, Nigeria leads the adoption of cryptocurrency. Most of the countries that lead in crypto adoption are countries that are less developed and are dealing with many economic problems. Inflation is the largest economic problems in those countries.
When the Taliban took over Afghanistan, the Afghanistan economy plunged into a massive recession. Inflation was through the roof. Amid the chaos, many Afghans
resorted to cryptocurrency to escape the economic issues in their country.
Economic sanctions in Afghanistan, Russia, etc. all promote crypto adoption as a way for individuals to evade them. Some use crypto as a way to launder money. Hence why Switzerland has a higher crypto adoption rate than India, China, and the US.
As inflation continues to roar throughout the world, more people are going to turn to crypto. At least with crypto, there are no people printing coins there (unless you own
$ETH.X or
$DOGE.X) .
With that, going long
$COIN and cryptocurrencies is like betting on the declining trust in central banks.