• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Will Trump Pardon Sam Bankman-Fried? Polymarket Odds Surge as Traders React to CZ’s Release
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Will Trump Pardon Sam Bankman-Fried? Polymarket Odds Surge as Traders React to CZ’s Release
crypto turkey bitcoin blockchain

Turks Own More Cryptocurrency Than Any Other European Nation

Christina Comben
by Christina Comben
6 years ago
·
Posted in News, Altcoins, Bitcoin, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A couple of surprises to come out of Meltem Demirors’ Twitter account in the last few hours. Firstly, that the CoinShares Chief Strategy Officer and Blockchain Council member speaks Turkish (who knew?). And secondly, that the Turks own more cryptocurrency than any other European nation. (If you consider Turkey a European nation, of course).


Turks Own More Cryptocurrency at 18% of the Country

From what the author could gather from Google Translate, Demirors declares that she is proud to be Turkish, based on the ING findings that 18% of Turks own cryptocurrency. This is much higher than the overall 9% average.

She also pays tribute to the great success of startups and investors in the country. However, there may be a few more reasons why Turkish people are holding onto digital assets.

For one thing, bitcoin may be volatile, but so is the country’s currency, the lira. In fact, even as bitcoin racked up record losses last November, trading volume on Turkish exchanges shot up by 37 percent.

The Turkish lira crisis involving dollar-denominated debt that took place last summer greatly devalued many Turkish families’ life savings. They also saw their pensions and investments significantly affected.

We may not be talking about the likes of Venezuela, but the lira did lose 20% of its value from one day to the next on August 10. Erdogan’s Turkey may be creating the perfect storm for cryptocurrencies.

With a dwindling economy and devalued national currency, it’s hardly surprising that Turkey takes the lead in cryptocurrency ownership. In fact, the anonymous co-owner of Bitcoin.org tweeted about the huge surge in traffic from Turkish investors in August, saying this is how Bitcoin takes over the world:

There’s been a MASSIVE 42% increase in visitors to https://t.co/OsFgRFRRZb from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!

— Cøbra (@CobraBitcoin) August 13, 2018

Turkey Is Ripe For Bitcoin Adoption

Besides the crumbling economy and fluctuating lira, according to computer science professor at Cornell University Emin Gün Sirer, culture plays a large role in the Turkish appetite for bitcoin.

42% Traffic Increase to Bitcoin.org Amidst Lira's Hurtling Price

Not only does the country have a much younger population than the rest of Europe, but they are particularly open to new technology. Moreover, he says that financial schemes with high-profit margins are naturally attractive to Turks. This means the Turks own more cryptocurrency not only as a means of payment but also as a speculative asset.

As for Erdogan, he has not made cryptocurrency illegal in the country. However, he has tried to persuade citizens to convert their dollars into lira, rather than bitcoin. The state religious authority Diyanet also decreed that Muslims should not trade in cryptos.

When Turcoin turned out to be a Ponzi scheme, this gave more fodder for both their arguments. But while the Turkish people are not oblivious to cryptocurrency scams, neither are they blind to the erratic behavior of their government, nor the volatility of their national currency.

So, while Demirors may be right about cryptocurrency startups, it seems there are plenty of other factors steering the Turks towards investing in bitcoin.

Will Turkey become a hotbed for cryptocurrency adoption? Share your thoughts below!


Images courtesy of Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christina Comben

Christina Comben

Follow

Full Profile

Related Posts

Solana ถึงจุดชี้ชะตา! ลุ้นดีดกลับที่แนวรับสำคัญ $165

Solana ถึงจุดชี้ชะตา! ลุ้นดีดกลับที่แนวรับสำคัญ $165

7 hours ago
cena bitcoinu ide hore

Cena Bitcoinu stúpla nad 115 tisíc $. Tu sú hlavné dôvody, prečo kryptomeny ožívajú

12 hours ago
burza

Kryptoměnová burza Weex představuje odměny za vklad!

12 hours ago
Мелания Трамп

Мемкоины $LIBRA и $MELANIA в центре скандала

14 hours ago
vaneck-raises-bitcoin-price-target-180k-new-liquidity-wave-boosts-crypto-market-tw

VanEck上調比特幣目標價至18萬美元 流動性復甦資金推動新一輪加密升浪

1 day ago
live-news-bitcoin-jpmorgan-crypto-collateral-october-27-2025-tw

比特幣即時新聞:摩根大通開放加密資產抵押動態更新(10月27日)

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Snorter Bot...

    4 days ago
  • ORIGIN Protocol's LGNS Achieves Historic Milestone: Liquidity Tops $194 Million, Reclaiming Title as Global Leader in DeFi

    ORIGIN Protocol’s LGNS Achieves Major Milestone...

    5 days ago
  • bonus kcex

    Bonus KCEX: promozione da $21.000 con un bonus deposito del...

    6 days ago
  • Maxi Doge

    Защо Maxi Doge може да се окаже...

    6 days ago
  • 挖 1 枚比特幣耗電可供 61...

    6 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.