Copy link
Increase text size
Decrease text size
Link copied

Bitcoin (BTC) adoption soars in Turkey as the lira weakens against the dollar

Turkey has the highest cryptocurrency adoption rates in the Middle East.

Image by Sarah N from Pixabay

Mon, 19 Oct 2020, 08:54 am UTC

Turkey is outpacing other countries in the Middle East in terms of Bitcoin (BTC) adoption. Apparently, many people in the country are increasingly turning to the world’s largest cryptocurrency as the Turkish lira hit another record low against the U.S. dollar.

Turkey is further solidifying its position as the regional leader in Bitcoin adoption as people are increasingly turning to BTC in response to the decline of their local currency against the dollar, reported. The Turkish Lira recently set another record low and is trading at 7.89 to the dollar as of press time.

The lira declined by about 33 percent against the dollar since the start of the year and there are even speculations that it could soon reach 8.5 against the greenback. “The lira’s underlying problem is the lack of credible inflation targeting by the central bank, which is bound to ultimately debase the currency,” Commerzbank analyst Tatha Ghose told clients last week.

Turkey’s high inflation rate is considered as one of the contributory factors that sped up Turkey’s cryptocurrency adoption. “The rising inflation of the Turkish lira has been a major financial burden for Turkish citizens,” CEO of peer-to-peer (P2P) bitcoin marketplace Paxful, Ray Youssef, said. “Bitcoin can be used to preserve wealth against instability surrounding the Turkish lira.”

Indeed, Turkey’s inflation rate has now reached 36.57 percent and is still rising. “The lira is toast,” hyperinflation expert and Johns Hopkins University Professor of Applied Economics Steve H. Hanke tweeted Sunday.

“Turkey is burning through its foreign exchange reserve like a house on fire,” he added. Hanke also noted that Turkey’s reserves decreased by $10 billion from July to the current $41.12 billion.

The high inflation scenario has spurred crypto adoption in the country. Paxful said that new registrations on its platform in Turkey rose by 274 percent in the past 12 months.

“Turkey is the highest-ranking country in the region on our Global Crypto Adoption Index at 29th overall, and also accounts for the most total transaction volume in the region,” Chainalysis wrote on its Geography of Cryptocurrency released in September.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2020.10.23 03:20:34
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
  • Bitcoin (BTC) $19,004.80 (+0.19%)
  • Ethereum (ETH) $587.20 (-0.67%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Litecoin (LTC) $82.33 (-3.26%)
  • Bitcoin Cash (BCH) $283.80 (-1.69%)
  • Bitcoin (BTC) $19,004.80 (+0.19%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.