Bitcoin being the most known cryptocurrencies is also the best example of what can be done with crytpocurrencies. Several states are trying to implement Bitcoins in the main economic background. One of such countries is Turkey who massively welcomed the Bitcoin. Whether for paying or investing this trend is mostly related to the highly fluctuating national currency
As stated in a recent survey lead by ING, it was shown that Turkey was the country owning the biggest amount of Bitcoins in Europe. The survey is showing that 18% of Turkish people are owning or trading some cryptocurrencies. It is much more than average rate of 9%. In the top countries are, by order following Turkey, Romania (12%), Poland (11%), Spain (10%), Czech Republic (9%), Austria (8%) and Germany (8%). Italy and Holland (7%), United Kingdom (6%) and France (6%) are also present in this list.
One of the co-owner of Bitcoin.org crypto exchange tweeted about the Turkish trend about Bitcoins, he said:
“There’s been a massive 42% increase in visitors to http://bitcoin.org from Istanbul as the Turkish Lira plummets. This is how bitcoin takes over the world, not through ETFs and HOLD, but through replacing fiat currencies as they fall apart.”
Why the Bitcoin is facing such a trend in Turkey is not enigmatic. Indeed, in September 2018 the inflation rate of the country reached 25 percent which is the culminating value in the past 15 years. Besides, the local money, the lira, lost around 20% in only 24 hours, on August 2010.
As a result, citizens from Turkey are more and more turning to cryptocurrencies to maintain their wealth level. Emin Gür Sirer, a Turkish-american scholar reported the the growing interest in the technologies shared by the younger generation has helped in the acceptance of the cryptocurrency. Nonetheless, the government has not yet clearly mention that transactions and trading virtual currencies are illegal it has anyway tried in much ways to deter people from using cryptocurrencies.
Editor of IMD News