Turkey May be Shifting to Cryptocurrency Despite Lira Recovery

According to reports from Turkey, it appears there are signs that investors in the country that is home to of 80 million people, may be looking to crypto and turning their backs on the fiat used in country Lira despite its recovery.

If the report is to be believed, investors will be looking to buy cryptocurrencies instead of the Lira. The report cites one study by Turkish financial researcher Twentify for arriving at such a conclusion.

One in Five Investors Now Trade in Crypto Assets in the Country

Turkish researcher Twentify found that at least one in five respondents say they had started trading in cryptocurrencies since August this year. We can recall that was the period when the Lira massively tumbled in price. However, since that time onwards it has recovered by about 26% against the USD although inflation in the Islamic nation remains high at 21.62% year-on-year as of November.

This is another reason that has made investors look for alternative ways to adequately protect their savings. Reuters reported that the growth of the Turkish economy has “crumbled to 1.6% year-on-year as of the third quarter of the year which is down from the 7% it dropped to in 2017.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$10,381.00
-2.02%

37% Percent Increase in Crypto Trading for Turkish Exchanges

As per one report in DHA a Turkish media outlet, trading on specific Turkish crypto exchanges has managed to increase by an impressive 37% in November alone. This increase kept peaking at a weekly boost of 72% beginning November 12. It is essential to indicate that the larger crypto market as a whole saw higher trading volumes this November because of the huge sell-off.

Meanwhile, Emin Gün Sirer, a professor of Turkish and American descent at Cornell University, says that the country’s “relatively young population when compared to the rest of Europe, along with their flexible adoption of new tech, provides the right conditions for a vibrant market for digital assets.”

Writing in a column for the Hürriyet Daily News, Erus Ablak a Turkish journalist and business expert declared that:

It makes me very happy that the latest digital currency investments involve our country Turkey. This is partly because the Turkish people are adaptable to new technological advances and new methods.” Hence, it is easy to establish an eager crypto market.

Crypto is an Attractive Yet Risky Alternative for Turks

The Directorate of Religious Affairs the country’s chief religious body has previously ruled that digital asset use is not permitted under Islamic law. However, State author Sara Nasser goes on to conclude that, nevertheless, “digital currency can be seen as an attractive, yet risky dream” for most Turks. Vitalik Buterin, Ethereum’s co-founder, recently interacted with several Turkish crypto-enthusiasts via Twitter, expressing his shock at the growing size of the Islamic nation’s crypto-community.

Additionally, the fact that Istanbul will host the Blockchain Economy Summit, next February is an indication that the country is becoming more flexible regarding digital assets. The Blockchain Economy Summit is the AME region’s largest Blockchain and cryptocurrency-based forums.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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