The popularity of cryptocurrencies has increased in Turkey during the crisis
An increasing number of Turkish citizens prefer the cryptocurrency as a means of storing value and calculation of record for reduction in price of the Turkish Lira.
According to recent reports, all major Turkish crypto currency exchange experiencing record growth in trading volume. So, exchange Btcturk, Paribu and Koinim announced new records on Friday. For example, the largest Turkish exchange Btcturk said that has processed transactions worth more than $11.6 million
The growing popularity of cryptocurrency is associated with the raging in Turkey crisis. The local currency is the Turkish Lira has also set a Friday record. Its price against the dollar was at its lowest level in history. Foremost economic turmoil and confrontation of the existing President Recep Tayyip Erdogan with the US government has led to record depreciation of the Lira.
Erdogan publicly spoke out on Friday with a Declaration of economic war with the US and urged Turkish citizens to exchange any stored third-party currency in Turkish Lira to support the local currency.
Such a situation in the country is attracting more people to the cryptocurrency market. Despite the clearly bearish trend, Turkish citizens trying to save their own money with cryptocurrencies. The growing popularity of digital currencies so swept Turkey that there is daily opening new crypto currency exchange.
Locals call cryptocurrency is the most convenient way to maintain personal savings, and also a means to settle abroad.
For example, a specialist in residing to affiliated marketing from Istanbul, who preferred to remain anonymous, stated that they would use bitcoin to pay for advertising with suppliers or customers from abroad.
I started trading cryptocurrencies a half years ago, when the Turkish Lira became cheaper. I fear the political and financial collapse of Turkey. Thanks to crypto I feel safer. Centralized currencies I don’t trust.
— shared anonymous Turkish marketer
Other popular cryptocurrencies Turkish citizens expressed a similar position in relation to digital and traditional currencies. In their view, concern only the strong volatility of cryptocurrencies and the activity of scammers in this field.
Despite the fact that at the beginning of 2018, the news that the Turkish government plans to issue its own crypto currency, local still fear that the government’s attitude towards digital currencies has not changed for the worse, and they are not banned trade bitcoin and other cryptocurrencies.