Turkey | 2022

Cryptocurrency Adoption and trends in Turkey in 2022

5.5

%

of Turkish
own cryptocurrency

How many cryptocurrencies owners in Turkey?

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

Cryptocurrencies Market Sentiment in Turkey

At times the Turkish lira has, in fact, proved to be more volatile than bitcoin. 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 cryptocurrencies 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, it is not hard for the Turkish population to trust another alternative, which is cryptocurrencies.

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.

Cryptocurrencies's rising popularity in Turkey

 

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