Crypto continues to grow in Turkey, trading volumes up over 30%

26 Dec, 2018 | Updated: 26 Dec, 2018
by David Robb
Adoption
Crypto continues to grow in Turkey, trading volumes up over 30%

As the country's currency has faced escalating inflation this year, many people in Turkey are turning to crypto as an alternative. Trading volumes on Turkish exchanges have increased over 30 percent since October.

New U.S. tariffs on Turkish steel and aluminium imports, announced back in August, led to severe consequences for the country's economy. Inflation hit a 15-year high in September, and the lira is still down by around 30 percent.

Much like the situation in Venezuela, many Turks invested in Bitcoin and other cryptos to protect their savings. Although the market has seen some volatility this year, it was still seen as a more stable alternative.

Read more: 'Crypto for Venezuela!' improving life in nation ravaged by hyperinflation

Prominent Turkish-American crypto figure Emin Gun Surer, a Cornell computer science professor, gave a number of other reasons that encouraged adoption of crypto in the country, according to Slate. He pointed to "the country’s demographics, its relatively young population compared to Europe, and the flexible adoption of new technology provide the conditions for an eager market for cryptocurrency. Culturally, Turks are drawn to financial schemes with a high profit margin".

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