Turks Invest in Bitcoin (And Tether) To Escape Lira Volatility
Last Updated on 2 February 2022 by CryptoTips.eu
Already at the end of 2021, average crypto trading volume across the three major platforms in Turkey had leapt to some $1.8 billion per day. As 2022 kicked off and inflation is peaking, cryptocurrencies continue to gain ground in Turkey in a less than rosy context for the lira, the national Turkish currency.
However, the adoption of bitcoin is currently suffering a bit, as is the case in most other countries in the Middle East, from the absence of clear regulations dedicated to cryptocurrencies. Such regulation would be resolutely favorable to their development as President Erdogan still holds the power to abolish crypto overnight.
A lot of people come here, some are rich, some are poor. But the target is always getting rich – although a lot of people think that if they invest a hundred dollars, they will get a million.
Other people come here to take their first lessons in the technical side of crypto, and then start to trade.
Said the Istanbul founder of Altcointurk known locally as Shark, in the Guardian newspaper recently.
Even My Mother
Turks are not sure how to interpret the economic adventure President Erdogan has sent them on, but it would appear that it has meant rising popularity for Bitcoin in this country of 80 million.
A crypto investor, who wanted to be identified only as BG, explained:
Even my mother is asking me to help her invest in Bitcoin now. This started with the young, and now older people are interested. They give their money to their children or younger people and say: ‘Invest this for me, let’s see how it goes.
The risk is not investing itself, it’s because people might invest in unregulated exchanges without any protection from the government and end up losing all their money.
Erdogan ordered his own political party to investigate Bitcoin recently (as well as the Metaverse), as the crypto trade is really booming in the country.
Lastly, as the leading American business newspaper Wall Street Journal already noted two weeks ago, there is one more crypto coin that Turks look for to help them escape Lira volatility, namely Tether. The name ‘stablecoin’ has never been more appropriate apparently.
azarbico / Depositphotos.com
