Bitcoin is Saving Investors from the Failing Turkey lira, Cryptocurrencies Overtake the Bear Market
Bitcoin is growing in value all over the world. The recent decline in prices for the Turkish Lira against the dollar has helped the major cryptocurrency climb even further in prices. Turkey is one of the fastest growing countries in terms of cryptocurrency support. Since the OKEx, a global exchange has launched there has been some thirty thousand new users from Turkey on the platform. Other numbers and metrics support the claims that Turkey is one of the fastest growing crypto countries in the world according to Andy Cheung, operations director at the exchange.
“Turkey is without a doubt the only country that boasts of a high percentage of independent crypto-ownership in Europe and the Middle East,” Cheung said. “It has one of the most robust and promising crypto communities anywhere in the entire world.”
As it is today, at least 6% of the crypto-fiat liquidity is linked to the Lira. It is currently the fifth most used crypto/fiat pair in the world. There is a continual growth for Turkey’s need of Bitcoin due to inflation. Last year in 2018, a survey proved at least 18% of Turkish residents own Bitcoin, making Turkey the county with the highest rate of Bitcoin holders on the continent. The rate of long-term holders is even higher than in the United States by more than 2X, with the US being 21% and Turkey 45%.
CEO of BtcTurk Guneri said, “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,” also speaking about a trade volume of more than $14 million in the last few days.
Cryptocurrency trade numbers are growing in Turkey, helping them become a worldwide influence on the exchanges. Numbers are showing that whenever the Lira drops against the dollar, cryptocurrency trade volumes climb significantly.
Turkish trade exchanges like BtcTurk are now providing services for foreign traders as well. This is the first time this has happened in the country. Guneri also stated,
“The volatility of the Turkish lira is quite high and couple that with the price of bitcoin … and we have a market that is illiquid enough that sometimes there are inefficiencies that you can benefit from. Yet we are liquid enough for institutional investors to operate.”
Many investors in Turkey buy Bitcoin in the country then transfer to its world exchanges to allow for more pairing options when trading. Many investors are then able to improve their investments by backing it with other currencies than the Turkish Lira, a currency known to be extremely unreliable in nature. There is now a proven steady growth for Bitcoin in Turkey, and an increase for the country as a global influencer in the realm of cryptocurrency.