How many crypto owners in Turkey?

It is estimated that over 4.6 million people, 5.5% of Turkey’s total population, currently own cryptocurrency.⁽¹⁾

Crypto Market Sentiment in Turkey

At times the Turkish lira has, in fact, proved to be more volatile than bitcoin. ⁽²⁾ Turkey’s inflation rate recently surpassed 83%⁽³⁾, a 24-year high. Moreover, salaries often do not keep up with inflation, meaning earners have decreasing purchasing power.

As such, many see crypto as a refuge from Turkey’s sky-high inflation and the steep devaluation of the lira. For a culture used to investment alternatives like U.S. dollars or gold⁽⁴⁾, it is not hard for the Turkish population to trust another alternative, which is crypto. 

The daily trading volume of Turkey’s first cryptocurrency platform BtcTurk reached around $424.3 million in May 2022, according to CoinGecko data, while another local Turkish platform, Paribu, had a trading volume of $203.5 million. Global exchanges like Binance and Coinbase also operate in Turkey.

Crypto’s rising popularity in Turkey

• • Turkey pushes ahead with digital lira – Dec 2022
    Turkey’s central bank announced that it had completed the first set of tests for its long-planned digital currency. The Central Bank of the Republic of Turkey (CBRT) said that it plans to continue running tests for its digital lira next year.

• • ‘Basically a Savior’: Why Crypto Is So Popular in Turkey – Oct 2022
    In Turkey, crypto represents freedom from inflation, national currency, and the constraints of corporate life, advocates say.

• • Turkey Pushes for Bigger Say Over Crypto Market With Draft Bills – May 2022

    Turkey is crafting legislation that would establish greater control over the cryptocurrency market and possibly impose a tax on some transactions involving digital assets, according to two officials.

1. https://triple-a.io/crypto-ownership/
2. https://www.coindesk.com/markets/2022/01/07/turkish-lira-is-now-more-volatile-than-bitcoin/
3. https://www.bbc.com/news/world-europe-63120478
4. https://www.wsj.com/articles/in-turkey-weak-lira-powers-fresh-gold-rush-11600072185