Crypto thought leaders from major exchanges share insights and analysis on Turkey’s burgeoning crypto landscape. Turkey is seeing a resurgence of interest in cryptocurrencies as major cryptocurrency exchanges enter the transcontinental country. From demographics to offline marketing to currency devaluation, there are many motivations behind the 84 million Turks who have signed up to the new exchanges. Bitfinex, one of the largest cryptocurrency exchanges in the world, recently announced its plans to expand into Turkey (see tweet). Coinbase has reportedly targeted the acquisition of local exchange BtcTurk, while Binance opened its first customer support center.
KuCoin CEO Johnny Lyu reports that “compared to January 2022 and January 2021, the transaction volume and the number of Turkish users on KuCoin increased by 23.8 times and 23.6 times, respectively. Fire Bitcoin (BTC) reached in New all-time highs against the lira on November last year, and the price rose in December despite “lira tinkering” by President Erdoğan.For Kahraman, “It is no coincidence that the use of cryptocurrencies in Turkey has increased tenfold in the same year that the Turkish lira has had consecutive successes.” Bitfinex’s Ardoino agrees that cryptocurrency “remains a popular asset class, fueled in part by recent swings in the value of the Turkish lira.
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