With the value of the Turkish Lira dropping to a six month low, cryptocurrency exchanges have seen a significant uprise in Turkey, especially in the city of Istanbul. The Lira boasts of being the fifth most popular fiat-to-crypto pair worldwide.
The head of operations at the global crypto exchange OKEx, Mr. Andy Seung said:
“Turkey is without a doubt the only country that boasts of a high percentage of independent crypto-ownership in Europe and the Middle East. It has one of the most robust and promising crypto communities anywhere in the entire world.”
According to BtcTurk CEO Ozgur Guneri, more than 30,000 new users have come on board with his crypto exchange. Last year, a survey conducted by the ING bank revealed 18% of the respondents from Turkey hold or use Bitcoin cryptocurrency, making them the highest percentage of Bitcoin holders and users in Europe.
“We have never seen a declining number of users, just the pace of growth might go down a little bit. Even on the most bloody day, we’re signing up new users. Bitcoin’s retail arm has already seen several days in April with $14 million worth of volume,” said Guneri.
One of the main reasons for the increase in crypto adoption among the Turkish is the continuously fluctuating inflation of the Turkish Lira. The decrease in the value of the lira drives more people to switch to crypto exchanges.
Moreover, various Turkish traders acquire Bitcoin from the domestic market and then send it into global exchanges with better offers for fiat liquidity. The decreasing lira value also attracts foreign investors that simultaneously open the gates to a wider range of trading pairs.
Referring to competition among exchange platforms around the world, BtcTurk’s Guneri said: “There is definitely a global space for [crypto-to-crypto], but I think there will be a consolidation in terms of real volume. There will be significant value in local markets and local knowledge.”
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