Research: Turkey Sees Best Likelihood of Mass Cryptocurrency AdoptionBased on a survey conducted by Statistca on 15,000 individuals, Turkey has the highest percentage of population that has invested in the crypto market.
According to the data released by Statistica shown below, 18 percent of the country’s investors have purchased cryptocurrencies like Bitcoin and Ethereum in the past few years.
Motive of Residents in Turkey to Invest in Crypto
Earlier this month, the US government imposed additional sanctions on the Turkish economy, excluding the region from the global banking system operated by SWIFT in Belgium. Consequently, the lira, the national currency of Turkey, fell by more than 50 percent against the US dollar.
On August 12, Bloomberg reported that Turkish merchants were losing out massively with their holdings in lira due to the country’s conflict with the US, which worsened after the government rejected to free pastor Andrew Brunson, who was moved to house arrest last month due to health issues.
Due to existing capital controls and the governments encouragement to prevent converting the Turkish lira to other reserve currencies like the US dollar, merchants and local businesses have been unable to cash out their holdings in lira.
“I have respect for our president, but I can’t sell my gold and foreign currency just because he made that call. I’ve cut down on food for those savings,” Sevin Temur, a 58-year-old retiree, told Bloomberg.
https://www.ccn.com/mass-adoption-of-crypto-far-from-being-achieved-best-chance-in-turkey/
