Turkish residents continuously maintain a bullish stance on crypto transactions despite the bear markets. Ismail H. Polat, a media lecturer at Kadir Has University in Istanbul, said the driving factor is the high inflation.
Recent reports show the Turkish crypto industry is working to build the crypto ecosystem amid the bear market. The Turkish blockchain industry players see the bear market as an opportunity to improve the ecosystem. They strive to do this by bringing home the popular Ethereum event DevCon7.
Turkey is among the countries with the highest interest in the crypto market. The community comprises Web3 startups, university clubs, blockchain developers, academics, and digital investors.
High Inflation Rate Increased Turkish Crypto Adoption
Turkey hosted notable crypto events such as Istanbul Blockchain Week, EITHIstanbul, and Blockchain Economy Istanbul 2022 Summit and is still striving for more. However, the country clarified one thing with the Blockchain Economy summit: the trust in crypto remains unshaken even with the bear market.
Erkan Oz, an economist, says the high inflation rate is the main contributor to the growing crypto traction in Turkey. The economist further explained Turkey’s slow institutional adoption of crypto. He said blockchain startups and projects have not fully kicked off due to the lack of clear regulations in the ecosystem.
Oz called on the Turkish government to establish a legal framework to protect digital asset investments and support blockchain and digital assets.
The growing crypto market in Turkey prompted the Bitcoin maximalists and the so-called Shibarmy troops to work on bringing DevCon 7 to Istanbul. DevCon 7 is the largest conference for the Ethereum ecosystem. The top local players supported the advent of DevCon 7, resulting in widespread awareness.
Twitter handles of people in the Turkish blockchain community now bear the phrase #DevconIstanbul after their names. This is because the initiative expanded very quickly from digital to physical work, like what happened with ETHIstanbul after the Ethereum merge.
Turkey Looking To Provide Exposure To Developer Community
Turkey is behind other countries in the aspect of crypto startups and developers. Turan Sert, the Turkish author of two blockchains and Defi books, said the resonance between Turkey and abroad student clubs contributes to the growing crypto ecosystem. He explained the blockchain student clubs had a positive effect in steering up the number of developers in Turkey.
The DevCon7 Istanbul campaign has been all over Twitter and other social media platforms in September. However, the conference would hold in Bogota on October 11-14 after delays due to the COVID pandemic.
Tansel Kaya, CEO of Mind stone and an Academic at Kadir Has University, commented on the importance of bringing the DevCon event to Istanbul. Kaya said bringing the event to the country would benefit talented students who cannot attend such events.
Kaya further explained they look forward to having their student communities and software developers meet top developers at the DevCon event.
Featured image from Pixabay, Chart: TradingView.com
