In the situation that the exchange rates between the Turkish lira and the dollar dropped to the worst level in the last 6 months, bitcoin is continuing on the momentum of growth in Istanbul. Turkey grows as a leading bitcoin market that is indicated by the growth of news crypto users. There are over 30,000 Turkish users signed up for this platform since it expanded services to Turkey on March 26, Andy Cheung, head of operations at the global crypto exchange OKEx told.
With a high percentage of independent crypto-ownership,Turkey should be one of the most booming and promising crypto communities in the world. According to BtcTurk CEO Ozgur Guneri, inflation is the primary driver of the bitcoin demand in Turkey. The lira still is the 5th most popular fiat-to-crypto pair worldwide with 6% of crypto-fiat liquidity in 2019.
A survey conducted by the media arm of ING Bank in April 2018 showed that Turkey had the highest bitcoin holders percentage in Europe. 18% Turkish respondents said that they own cryptocurrency. “We have never seen a declining number of users, just the pace of growth might go down a little bit. Even on the most bloody day, we’re signing up new users,” Guneri said.
An institutional services for foreign investors has been launched earlier this month by Guneri’s Istanbul-based exchange which will capitalize on crypto-to-fiat arbitrage opportunities.
Due to Turkish exchanges’ strict listing and on-boarding policies mandated by relationships with local banks, many traders acquire their first bitcoin domestically then send the digital loot to global exchanges with a wider range of trading pairs and fiat liquidity options. “Turkish users generally use local exchanges as a gateway to foreign exchanges.” Turkish vlogger Alp Işık told.
From all, it can be seen that the crypto acceptance continues to increase steadily and correlates with the fluctuations of both lira and bitcoin.