Bitcoin Adoption in Turkey

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There has always been a light-hearted debate on what continent that Turkey is a part of, whether it is Europe or Asia. Either way, the nation now owns cryptocurrency compared to any other country in Europe.

According to a recent tweet posted by the Chief Strategy Officer at CoinShares, Melteme Demirors, as the translation states, Turks rank first in crypto ownership among European countries.

In addition to this, she also congratulates the great success of Turkish investors and start-ups. Even though Bitcoin is a volatile asset, it does not change the fact that Turkey’s currency, the Lira, has no different. Even with Bitcoin having massive losses last year, the trading volume on Turkish exchanges seems to experience gains of approximately 40 per cent.

As per a report, the Lira is currently undergoing a crisis and has been a while for now and involved the dollar-denominated debt that took place in summer last year which significantly devalued numerous Turkish families’ life savings. Besides, they also saw their pensions and investments affected in a big way.

Even though this is not on a similar level of the likes of Venezuela, the Lira did lose 20 per cent of its value from one day to the next in August last year. With this in mind, Turkey could be creating a perfect storm of cryptocurrencies.