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Bitcoin and other cryptocurrencies are seeing a surge in use during economic turmoil according to a new report by the Bank for International Settlements. The study shows crypto is gaining traction in countries facing high inflation costly money transfers or strict rules on moving money across borders. People are turning to Bitcoin and stablecoins like USDT and USDC as safer faster and cheaper alternatives when traditional financial systems fail.
The report highlights a sharp rise in cross-border crypto payments. Data shows these flows jumped from under $7 billion in early 2017 to over $800 billion by late 2021 before dipping during the crypto downturn. As of mid-2024 volumes have rebounded to around $600 billion. While Bitcoin once dominated 80 percent of these transactions its share now sits below 25% as users shift toward stablecoins for practical reasons.
Crypto use often spikes when governments impose capital controls or global financial stress increases. The report confirms that Bitcoin is no longer just an investment it is a critical tool in times of financial uncertainty.
