Inflation rate in Spain and France is at its highest level in four decades… What is the impact of this on the crypto market?
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Answer Inflation rate in Spain and France is at its highest level in four decades… What is the impact of this on the crypto market?
Inflation may have slowed in the US, but elsewhere the story is different.
Inflation in France and Spain has risen to the highest level in nearly four decades.
On the crypto market side, the adoption of cryptocurrencies in both countries has been on the rise.
But will the upcoming financial pressures have negative effects on the cryptocurrency industry?
Spain and France suffer from inflation:
Spain’s annual inflation rate reached 10.8% in July, slightly above market expectations of 10.6%.Read:The oldest US bank announces a service to hold bitcoins for its institutional clients
Official data shows that these recorded numbers are the highest since 1984.
In a recent report, the Bank of Spain found that inflation is one of the country’s biggest problems.
Inflation could lead to the adoption of cryptocurrencies in the country of Spain.
Although the level of adoption in Spain lags far behind other advanced and developing economies, the popularity of the country’s asset class has followed an upward trajectory.
The National Securities Exchange Commission (CNMV) estimated that approximately 7% of adults in Spain have invested in cryptocurrency.
The Spanish regulator surveyed 1,500 adults in the country to find out how many individuals have dedicated some of their money to the digital asset market.
It is interesting that the individuals belonging to this group are young, educated and well-paid.
The upside towards investing in cryptocurrencies can also be attributed to regulatory clarity in the space.
Spanish authorities consider digital assets a legal form of investment.
At the same time, capital gains from the sale of these tokens are taxed in the range of 19% to 23%Read:Find out which companies within the S&P 500 accept bitcoin as payment!
France has a similar story too, with inflation reaching 6.1% in July.
The last time the numbers were this high was in 1985.
Many experts believe that inflation has reached its highest levels in several decades and that the epidemic has just accelerated it.
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