Cryptocurrency Adoption and trends in Turkey in 2021
It is estimated that over 2.4 million people, 2.94% of Turkey’s total population, currently own cryptocurrency.
The Turkish lira crisis involving dollar-denominated debt that took place last summer greatly devalued many Turkish families’ life savings. They also saw their pensions and investments significantly affected. We may not be talking about the likes of Venezuela, but the lira did lose 20% of its value from one day to the next on August 10. Erdogan’s Turkey may be creating the perfect storm for cryptocurrencies. With a dwindling economy and devalued national currency, it’s hardly surprising that Turkey takes the lead in cryptocurrency ownership. In fact, the anonymous co-owner of Bitcoin.org tweeted about the huge surge in traffic from Turkish investors in August, saying this is how Bitcoin takes over the world.
Crypto ownership in Turkey by Gender: