The interest in Bitcoin in Turkey

[amishmanish]

I think the case of turkey holds clue for us as well.  Turkey fought well with inflation using bitcoin, When there is a danger of inflation and risk of recession on global economy, can we use bitcoin to fight this off. Can bitcoin help us to prevent impeding crisis in some way, Economists need to seriously look into bitcoin for such possibilities

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[Hydrogen]

It has been claimed residents of turkey are investing in tether and stablecoins as inflation protected assets. To protect their wealth against inflation. The dollar is strong on FOREX markets, which translates to elevated demand of US dollar pegged assets like tether. I think that was turkeys gateway drug to becoming more interested in crypto and the opportunities and tools it can provide.

There have been similar previous in other countries. Cuban migrants used bitcoin to send funds to their family in cuba. Venezuelans with free electricity mined bitcoin in the early days before the caracas hydroelectric dam failed. There are still many today with access to free electricity who mine bitcoin. Although the practice appears to be on a decline with other crypto coins and tokens being more profitable from a mining perspective.

What would people think if Putin released a stablecoin pegged to the russian ruble. Would that be god tier trolling? At least it might give people something to laugh about.

[Captain Corporate]

Honestly? I think you are both right and wrong with the stablecoin thing. First of all, there are of course some people who do "invest" into stablecoins to protect themselves against the inflation. But we also gotta remember that the dollar price was around this level like 6 or so months ago as well, it dropped and now back to the same price and yet the prices doubled during the same time, which means if you held USDT during that period, you wouldn't gain anything, and your costs would be higher.

There were protests here and there, and it has been ugly. All in all we can't do anything but to wait for the elections and hope that these people finally lose. Politicians who have absolutely no idea how to rule a nation, and only get elected because they are liked, is a terrible side effect of democracy. Right now, we are living in an inflation where I could say I am making like x3 more than what I made last year around the same times, and I am still having a harder time, think about it. If you are an american, and you are earning 3 times more than what you earned a year ago would you have a hard time? I am literally poorer with a x3 more salary.

[Darker45]

It is natural for a people whose currency is fast losing its purchasing power to find ways to retain their money's value. So I guess this is the primary driving force why a lot of the Turkish people embraced Bitcoin. And I guess they're not embracing Bitcoin with the sense that they're risking too much.

In the first place, they cannot bet on their fiat anymore. It is, after all, fast devalued. So they have no choice but to look for something else. Second, Bitcoin has an open track record. While it is indeed volatile, that's only if we look at the charts in short time frames. But if we look at it from afar, it is actually appreciating in value.

[Lucius]

In fact some things are overlooked by the goverment as there are less than 10 months left for the elections in Turkey. Most of cafes and restaurants don't give any receipt unless you want it particularly (Except touristic areas and big businesses). I think that these topics are going to be put in order more after the elections. Therefore I don't think that the main goal of businesses that are accepting payments by cryptocurrencies is escaping taxes. They are only trying to get ahead of their opponents by making their businesses different.

Thanks for the clarification, now it's much clearer to me how things actually work and that the law is actually only valid on paper, while it is not actually applied in practice. However, it is not clear to me that issuing a receipt is not mandatory, because in my country, even a customer can be fined if he leaves the store and does not have a receipt for what he bought. I think that the Turkish treasury is losing a lot of money with such laws, because it was the same in my country until the fiscalization bill was introduced, and anyone who does not work according to the law can really have a bad time.

However, as you say, maybe things will change after the election or the government will continue to buy social peace in this way.

[countryfree]

So BTC wins because fiat money fails? Actually, fiat money shouldn't have failed. It's crazy Erdogan who has failed.
I hope Turks will get a better government in the future.

[jaberwock]

the president Erdogan said in the statement he made on May 19, 2022 that he wasn't leaning towards cryptocurrencies.

Leaning or depending on cryptos alone is risky because they are not stable but is there a country where they totally depend on cryptos? I guess there aren't and even the el salvador themselves didn't invest all of their funds on bitcoin. The thousands of bitcoin that we see are only a tiny percent of their overall wealth.

And he added that there was going to be some actions to be taken about this.

Like what? Regulating bitcoin? Or maybe they are planning to ban it soon if they feel that people are totally depending on it. I don't know but I feel what he said there is negative and I have a bad feeling about it. Let's hope I was wrong with this because people on their country are for sure not going to like those new changes.

[Findingnemo]

If the government of Turkey is trying to discourage the usage of bitcoin from their people then it will just lead to the anonymous trading so no records and traces but still people will have their bitcoin meanwhile their local currency will face the hyper inflation with no second thoughts so this has to be tackled smartly by how to make the use of cryptos to stronger the economic crisis is happening there like generating the revenue will help the government so it will reduce lot of their economic burden of government.

[Jatiluhung]

After the global economic crisis, what happened was that many citizens of a country began to be interested in bitcoin. starting from the thoughts of those who are looking for solutions to maintain the value of the wealth they have. because some countries have experienced a severe economic crisis and strangely enough in every country that has a high level of economic crisis, that is where people's trust in bitcoin grows and develops. and one of them is a Turkish citizen.

[Davian144]

After the global economic crisis, what happened was that many citizens of a country began to be interested in bitcoin. starting from the thoughts of those who are looking for solutions to maintain the value of the wealth they have. because some countries have experienced a severe economic crisis and strangely enough in every country that has a high level of economic crisis, that is where people's trust in bitcoin grows and develops. and one of them is a Turkish citizen.

It is a very natural thing because countries with a greater level of progress and a high level of economic crisis, have more opportunities for every citizen to believe in Bitcoin and it makes the growth of Bitcoin use increase, as well as the use of other cryptocurrencies because citizens can easily it's easy to learn it and use it on every thing they can use and they need.

And I think it will be different from a poor country whose country's development rate is still very slow so that the growth rate of the use of Bitcoin and other cryptocurrencies is also hampered even though all citizens are very confident in Bitcoin, but they are hindered by the economic turnaround which is still very little.

[ethereumhunter]

After the global economic crisis, what happened was that many citizens of a country began to be interested in bitcoin. starting from the thoughts of those who are looking for solutions to maintain the value of the wealth they have. because some countries have experienced a severe economic crisis and strangely enough in every country that has a high level of economic crisis, that is where people's trust in bitcoin grows and develops. and one of them is a Turkish citizen.

Maybe they see that bitcoin offers to keep the value of their wealth while inflation will come in their country so everyone needs to keep their money by investing in things that can provide benefits in the future. People who have money don't want inflation to be affected, so they turn their attention to new things like bitcoin. And even though they may know that the price of bitcoin can go up and down drastically, it doesn't make them afraid that the value of the money will decrease but instead they can hope that the value of the money can also increase if the price of bitcoin will rise in the future. And from there, people's trust in bitcoin will begin to grow and develop as you said.

[Gayong88]

What do you think about the bigger interest from the people of a country that has a big inflation rate? Do you think that it stems from the desire that people want to keep the values of things they have? Or is it easier to take risks for these people in countries like this?

My opinion is maybe People are risking their money because they think it will be more valuable in the future. and became a major draw on Bitcoin and other cryptocurrencies and had a growing effect on the Turkish economy.

On the other hand, this is considered important because it can make many investors interested in investing in Bitcoin trading and buying. The use of Bitcoin is increasing every day, and this trend will continue as more and more countries learn about this type of currency.

[Jaksjol675]

Interest in crypto among Turks, like the rest of the world, has increased over the years. But Turkey’s economic crisis has pushed millions of curious observers to actually sink their savings into Bitcoin, Ethereum and other coins. The new converts aren’t simply drawn to the investment promise of cryptocurrencies, which are prone to wild, volatile price swings. They see virtual currencies as a potential store of value to shield their savings as the lira is roiled by routs that saw the Turkish currency lose more than 40 percent of its value last year alone.

[Rufsilf]

Interest in crypto among Turks, like the rest of the world, has increased over the years. But Turkey’s economic crisis has pushed millions of curious observers to actually sink their savings into Bitcoin, Ethereum and other coins. The new converts aren’t simply drawn to the investment promise of cryptocurrencies, which are prone to wild, volatile price swings. They see virtual currencies as a potential store of value to shield their savings as the lira is roiled by routs that saw the Turkish currency lose more than 40 percent of its value last year alone.

Year after year, Bitcoin and cryptocurrency become the hottest topic attracting businessmen in all countries to adopt this and accept it as a mode of payment. For what happened to Turkey, this is also how it looks like in other countries. It was to see the interest across the world about crypto is wildly increasing as people had seen that they can make money from this and even a jobless person can do. In fact, during the covid-19 crisis, we see a huge incline of crypto investors.

[arwin100]

Interest in crypto among Turks, like the rest of the world, has increased over the years. But Turkey’s economic crisis has pushed millions of curious observers to actually sink their savings into Bitcoin, Ethereum and other coins. The new converts aren’t simply drawn to the investment promise of cryptocurrencies, which are prone to wild, volatile price swings. They see virtual currencies as a potential store of value to shield their savings as the lira is roiled by routs that saw the Turkish currency lose more than 40 percent of its value last year alone.

Year after year, Bitcoin and cryptocurrency become the hottest topic attracting businessmen in all countries to adopt this and accept it as a mode of payment. For what happened to Turkey, this is also how it looks like in other countries. It was to see the interest across the world about crypto is wildly increasing as people had seen that they can make money from this and even a jobless person can do. In fact, during the covid-19 crisis, we see a huge incline of crypto investors.

The huge money involvement in cryptocurrency what makes it a hot topic and also the participation of big institutions are also one addition why there are so many people get curious to know more about it. And if Turkey will decide to make it as their legal tender then maybe this is also one deciding factor for other country to make this action to.

[Jatiluhung]

After the global economic crisis, what happened was that many citizens of a country began to be interested in bitcoin. starting from the thoughts of those who are looking for solutions to maintain the value of the wealth they have. because some countries have experienced a severe economic crisis and strangely enough in every country that has a high level of economic crisis, that is where people's trust in bitcoin grows and develops. and one of them is a Turkish citizen.

Maybe they see that bitcoin offers to keep the value of their wealth while inflation will come in their country so everyone needs to keep their money by investing in things that can provide benefits in the future. People who have money don't want inflation to be affected, so they turn their attention to new things like bitcoin. And even though they may know that the price of bitcoin can go up and down drastically, it doesn't make them afraid that the value of the money will decrease but instead they can hope that the value of the money can also increase if the price of bitcoin will rise in the future. And from there, people's trust in bitcoin will begin to grow and develop as you said.

maybe you are right. because even in bitcoin has a high risk of decline as well. but in bitcoin they also become hopeful for profit when the bitcoin price starts to rise. it is this hope that can move people to get into bitcoin. And it seems the inflation rate in Turkey is quite high. even seems to have reached the highest inflation in the last 24 years. so it's natural that many Turkish citizens are starting to be interested in crypto and bitcoin.

[TheGreatPython]

Interest in crypto among Turks, like the rest of the world, has increased over the years. But Turkey’s economic crisis has pushed millions of curious observers to actually sink their savings into Bitcoin, Ethereum and other coins. The new converts aren’t simply drawn to the investment promise of cryptocurrencies, which are prone to wild, volatile price swings. They see virtual currencies as a potential store of value to shield their savings as the lira is roiled by routs that saw the Turkish currency lose more than 40 percent of its value last year alone.

Not like the rest because the adoption rate on other countries are slower compared to what is showing there by the turks even though crisis such as inflation are also felt globally. Maybe people on turkey is more open minded and willing to try new things even if they know that it can be risky but luckily they are right with their choice.

Many people already proves the positive effect of bitcoin and they encourage more people to do the same thing. I like this kind of mentality better not unlike to the others out there which will only depend on the government and sometimes they blame the government for the difficulties that they are experiencing.

[nurilham]

The goverment of Turkey stated that they were looking at cryptocurrencies positively in their statements in the past. However the president Erdogan said in the statement he made on May 19, 2022 that he wasn't leaning towards cryptocurrencies. And he added that there was going to be some actions to be taken about this.

It is good that the Turkey government views crypto as a positive thing, which means they are not against crypto and support the development of crypto in Turkey. Although President Erdogan didn't say whether he supports crypto, he doesn't hate crypto at least. As long as no ban or no negative sentiment from the government, I am optimistic that the interest in Bitcoin or crypto in Turkey will continue to increase day by day. I hope the good situation of crypto/Bitcoin development in Turkey will trigger the growth of crypto businesses in the whole world.

[Davian144]

maybe you are right. because even in bitcoin has a high risk of decline as well. but in bitcoin they also become hopeful for profit when the bitcoin price starts to rise. it is this hope that can move people to get into bitcoin. And it seems the inflation rate in Turkey is quite high. even seems to have reached the highest inflation in the last 24 years. so it's natural that many Turkish citizens are starting to be interested in crypto and bitcoin.

In addition to the hope of gains that can be seen by the citizens of Turkey at this time. They also place Bitcoin as the best choice in terms of investment and also consider it an initial effort to reduce the amount of inflation that is there because eradicating inflation on a very large scale is always difficult for every country including Turkey.
So the Turks have set the very right direction for themselves there at this point by looking at crypto and choosing Bitcoin.