Recent data has recorded a huge increase in Turkish investors in the cryptocurrency space during recent weeks.
With a backdrop of weak Turkish Lira and an ongoing political wrangle with the US over procurement of a Russian made missile defense system, 2018 has seen a 28% depreciation of the Turkish currency.
There is a winner here nonetheless, and it looks like it could be Bitcoin with as many as 18% of Turkish respondents claiming ownership of some form of cryptocurrency. Global crypto exchange OKEx, has now extended its services to Turkey and experienced a rush of new Turkish registrations totaling some 30,000 within its first week. This could be an ongoing situation whilst the Lira struggles, maintains Turkish crypto blogger Alp Işık:
“Users can increase their investments in bitcoin during the volatile periods of the Turkish lira… Turkish users generally use local exchanges as a gateway to foreign exchanges.”
With Turkey now accounting for the highest per capita percentage of Bitcoin holders throughout Europe the stage seems set for becoming a world ranking user of crypto says OKEx’ Andy Cheung claiming that “It has one of the most robust and promising crypto communities anywhere in the entire world.”
The fiat economy, however, has some tough months ahead according to ING Turkey’s chief economist Muhammet Mercan as a further inflationary period is highly likely with the risk of further weakening of the Lira and “dollarisation in the economy.”All good news for crypto exchanges however, as further inflation promises to bring its own benefits for crypto users, as BtcTurk CEO Ozgur Guneri explains:
“The volatility of the Turkish lira is quite high and couple that with the price of bitcoin … and we have a market that is illiquid enough that sometimes there are inefficiencies that you can benefit from. Yet we are liquid enough for institutional investors to operate.”
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