Cryptocurrency Consumers from Turkey are Leading Investors in 2018

18% Investors In Turkey Placed Their Funds In Cryptocurrencies

According to a survey that has been conducted by the research firm Statistca, Turkey has the highest percentage of individuals investing in virtual currencies. As per the poll on 15,000 individuals, 18% of country’s investors purchased virtual currencies in the last years.

Other countries in the list include Romania (12%), Poland (11%), Spain (10%), Czechia (9%) and the United States (8%).

Although we are far from mass adoption in virtual currencies, there are some countries that are making important moves in the market. And this is Turkey’s case because of different reasons.

Back at the beginning of the month, the government of the United States, imposed several sanctions on the Turkish economy. For example, the region was excluded from the global banking system operated by SWIFT. Because of this reason, the Turkish lira fell over 50% against the U.S. dollars.

This created a very hard week for emerging markets. Argentina and South Africa were also hit by the financial storm created by Turkey.

The country experienced different problems with its market. Due to the fact that the economy had capital controls, local merchants and businesses couldn’t cash out their savings in lira.

Sevin Temur, a Turkish retiree, commented on the matter:

“I have respect for our president, but I can’t sell my gold and foreign currency just because he made that call. I’ve cut down on food for those savings.”

With a lira that was losing its value at all times and with financial controls, investors started to search for cryptocurrencies.

The United States has been using the SWIFT banking system as a way to exclude other countries from the global financial system. This time, Iran, Venezuela and Turkey have been damaged by this decision.

Because of this situation, Europe is trying to build a new financial system without having to rely on the United States.

Virtual currencies can be adopted in many different countries. Zimbabwe, Venezuela, Turkey and Argentina are just examples. These nations have very different needs than central countries such as the US, Canada or Western Europe. The financial and economic situation is very weak. Cryptos have helped individuals escape from poverty and avoid falling even further.