Life in Turkey is becoming tough as the economy is facing difficult times due to several events making it almost impossible for it to improve. Events like the diplomatic tensions intensifying between the country and the U.S. – with Turkey’s exports to the U.S. facing numerous sanctions – coupled with elevated levels of debt and the huge amounts of government lending, have contributed to the economic downturn of Turkey along with high levels of inflation.
Cryptocurrency; the Way Out?
In an attempt to search for an effective solution to the economic setbacks, the Turks have since been stocking up on crypto and the USD so as to shield the value of their savings as a result of the situation of the economy illuminating the worth of crypto assets.
The outstanding history of the violation of human rights with many journalists and activists being jailed there contribute to the reasons why the EU have refused the acceptance of Turkey into its organization even though the nation has made several noticeable efforts to become a part of the union.
Although some countries like Greece and Cyprus are in support of Turkey becoming a part of the EU, only time will tell whether the EU would finally accept Turkey as a part of its organization.
A simple survey was carried out to determine the percentage of its population that has adopted cryptocurrency as a means of payment, and the data shows that Turkey has the highest levels of crypto asset investments with at least 18 percent which is about twice that of the European average and more than that of other countries of Europe. Spain’s 10 percent, Poland’s 11 percent, and Romania’s 12 percent are the only other countries which come close to Turkey in terms of the average crypto adoption.
While speaking on the outcome of the survey, Andy Cheung, OKEx head of operations, noted that;
“Turkey has one of the most robust and promising crypto communities anywhere in the entire world”.
Cheung said OKEx has expanded its offerings to Turkey in late March with the response of the nationals being remarkable. The global dominance of Bitcoin over fiat as global inflation rates continues rising is consequential to the happenings in Turkey. At least 30,000 new crypto users in 2019 have been registered by BTCTurk which is a crypto exchange in Turkey with its CEO Ozgur Guneri backing the popularity of BTC in Turkey.
Another survey done by the Harris Poll for Blockchain Capital reveals data which indicates that Bitcoin awareness in the U.S. has increased from 77 percent in 2017 to 89 percent in 2019 with baby boomers having an awareness rate of 88 percent while millennials have a rate of 90 percent.