The flowering of cryptocurrencies in Turkey. The reasons for this

The Turkish lira rate this year has gone down by more than 40% against the US dollar. In this regard, interest in crypto-currencies in the country has repeatedly grown.

The Turkish lira has fallen to a historic low level relative to the US dollar, in light of President Erdogan’s economic policy concerns, the deterioration of his relationship with US President Donald Trump and the ability of his government to pay off debt obligations.

As a result, the purchase of cryptocurrency in the country has increased. Even before that, a study by the ING banking group showed that almost every fifth person in Turkey has cryptocoins.

According to the results of the survey, 8.5% of respondents own bitcoins or other digital assets. It is noteworthy that the largest number of crypto-currency holders, according to the study, lives in Turkey – the share of bitcoin investors in this country was 18%.

Many people buy not only bitcoins, but also XRP, Monero, Stellar Lumens and other cryptocoins. For some local investors, belonging to the middle class, the share of cryptocurrency may reach 30% of the total amount of their savings.

This situation shows that the inhabitants of many countries can consider cryptocurrencies as an alternative to the traditional economy. This does not mean that masses of the population pay cryptocurrency, but this clearly shows that some part of society thinks it is their way of protecting themselves from economic problems.


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