The highest fiat trading volume on Binance is by the Turkish Lira, a collapsing currency. In the right countries Crypto has already become an alternative.

As we all continue to survive this bear market and have the wish that one day there will be a massive “hyperbitcoinization“, where Bitcoin and some other Cryptos will be able to actually become a viable alternative for fiat, which people will be free to use. In reality this wish has already been fulfilled.

In countries like Argentina, Turkey and others that have a very high hyperinflation and their money value is degrading on a day-to-day basis, people actually have to find ways that their money will be worth the same at the beginning of the month as at the end of it. No economy can sustain where the value of your money cuts in half in just one year.

​

Share of Fiat trade volumes on Binance, chart from analyst firm Kaiko

Here we can see the market share of fiat trading volumes on the biggest Crypto exchange, Binance. The biggest market share actually belongs to TRY, the Turkish Lira and that with a 60% market share, the nearest other pair being EUR at under 20%.

So it is safe to say that in Turkeye people are actually starting to realise that Crypto, especially BTC, is the best alternative they have to sustain the value of their money during a period of higher government incompetence.

Satoshi would be smiling today, looking at how a small project of his is now saving literally lives from the government incompetence and corruption today