[2018-12-29]Turkish People Tend to Store Funds in Bitcoin Rather Than the Nation

[Vladdirescu87]

Even though the cryptocurrency market is a highly volatile field, Turkish investors prefer Bitcoin over the national currency, the lira. In autumn, trading volumes in Turkey alone rose by 37%, proving that Bitcoin’s popularity was not affected by the bear crypto market trend.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/turkish-people-tend-to-store-funds-in-bitcoin/

[gentlemand]

What a crock of shit.

Turks, like most others, will want EUR or USD. This is no doubt taken from a survey of someone's mates at a Bitcoin meetup somewhere. I seem to recall there were claims of 20% of the Turkish population going Bitcoin crazy.

Riiiiiiiiiiiiight.

https://coin.dance/volume/localbitcoins/TRY

$58,000 dollars in Localbitcoins volume last week. Woah, Nelly.

[Theb]

I doubt that nations who have citizens that are technologically inclined are betting on their own fiat currency. Look at Japan and South Korea now I have previously seen news like this one and their younger generation are more than willing to risk their capital in order to get a higher reward out of the crypto market. Turkey is no different and I know that their citizens are fully aware of the risk involve if they bet on an asset such as Bitcoin, they know that it is a fast mover and they know that their money has a better chance of multiplying rather than staying on course with their Lira.

[darkangel11]

It's like that article about Iran being crazy about bitcoin and that foreign currencies are worth so much that you can live like a king. Alessio Rastani went there to check it out first hand and guess what. Nobody knew about Bitcoin, nobody (like taxi drivers and restaurant owners) wanted to sell their stuff for bitcoin. Most people did not accept foreign currencies, and everything revolved around inflated local fiat money. Most fiat exchanges were closed down and not accepting foreign bills because the rates were so inflated that they'd need to keep bags of money in there.

[1Referee]

It's like that article about Iran being crazy about bitcoin and that foreign currencies are worth so much that you can live like a king. Alessio Rastani went there to check it out first hand and guess what. Nobody knew about Bitcoin, nobody (like taxi drivers and restaurant owners) wanted to sell their stuff for bitcoin.

There is so much nonsense everywhere, it's unbelievable how easily some people take whatever these articles say for granted. People were legit looking for a way to buy Bitcoin in US dollars over here and sell them in Iran, while they completely disregard that the volumes there are so crazy thin, that a 1-2BTC dump would crash the price with 50 or so %.

Venezuela, Zimbabwe and a few others have been pointed at to be a crypto capital as well, but aside from a few local initiatives, there is nothing that makes these people use or even consider crypto as alternative. It's sad to see news outlets looking to score over the back of their drama, but hey, business is business for them, they don't give a shit.

Eventually they might be hopping over to Bitcoin, but right now it's nothing more than a bunch of hopes and dreams.

[buwaytress]

Look, I'm all about the Bitcoin adoption too, but a 37% increase in trading doesn't say anything about "tending to store funds in Bitcoin rather than lira". Trading is both ways, if people were actually buying up more Bitcoin, and using lira to do so, or if they were sending Bitcoin home, rather than remittance in lira, then yeah, they're storing funds in Bitcoin.

But they're not, really. Lira's shit, but no one in Turkey's been storing money in lira either. US dollars still the popular choice, then euro.