thecoinrepublic.com
- Turkey is among the emerging and active nations in the blockchain network.
- As per the survey, turkey was among the largest market in cryptocurrency in the middle east in 2021
- Besides the growth in cryptocurrency, Turkey is still lacking startups and developers, says Turkish author Turan Sert.
Against the rising inflation, many global investors and big nations see crypto as a shield from the market’s current not-up-to-par situation. And among those nations, one of the Emerging nations in the crypto market is Turkey. According to one survey data Turkey was one of the largest markets in cryptocurrency in the Middle East in 2021 as well as it was also ranked 4th in the cryptocurrency market in the year 2020. Almost 40 cryptocurrency exchanges are running in Turkey.
The people of turkey seem to adopt a famous saying “The bear market is an opportunity to grow.” Not only do the crypto investors show their interest, but the local community invests the same interest in the crypto market, which comprises the University club, Web3 startups, blockchain developers, and academics. At the same time, the country hosts many events related to cryptos, such as ETHIstanbul, Blockchain Economy Istanbul, and Istanbul Blockchain week. According to reports, the county lineups for more such events.
According to the economist Erkan Oz:
“Many people in turkey think that they can no longer buy a car or a house within the classical financial system for this particular reason interest of people in crypto assets is increasing daily.”
He also stated that although there are a high number of the population that consider crypto as a shield from the financial system of the country and the ongoing market situation, they are still unable to adopt crypto fully because there is still a need to fully convert to blockchain startups or project which directly leads to a lack in the infrastructure that is needed. Erkan Oz further added.
“Turkey should establish a legal infrastructure that will protect investors and support blockchain and crypto assets as soon as possible.”
It has also been noticed that the hashtag #Devconistanbul can be seen on the Twitter accounts of the name in the Turkish ecosystem. The following hashtag has only been established in the digital world, but after ETHIstanbul’s event, it seems that the digital world will also be turned into the physical reality.
The reason for turkey’s growth in the crypto market is the “students club.”
Even though turkey is among the fastest-growing county in the blockchain network still, according to the author, who has written two books about blockchain and the second on decentralized finance in Turkish, Turan Sert
“We started late, but we are growing fast. The main reason for this growth is students clubs – the success of student clubs abroad and their resonance in Turkey.”