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Turkey and Crypto: An unexpected and quick marriage

The words Turkey and cryptocurrency do not really go hand in hand. When one hears of cryptocurrency, the top countries such as Japan, USA, and Britain spring to mind. The Middle East has been known to adopt new policies slowly and poorly. The political climate is not fit as it remains unstable most of the time. When a stable state is formed, new things become harder to adapt due to the traditional mindset of the general public.

In recent years, Turkey has proven the world wrong in this aspect. A place that is known to adopt new policies and concepts late, the concept of cryptocurrency has held the attention of people for some time now. The people of Turkey have welcomed the idea of having to use something from the cyber world instead of exchanging cash.

Different statistics show different reasons as to how Turkey has come to be the one leading the world in the usage of cryptocurrency. The fact is that almost 56% of people in Turkey use cryptocurrency as opposed to 33% of consumers in England.

The reason why such a concept has appealed to the people of Turkey is that they believe that a cashless economy that works on cryptocurrency is the future. The ease of using their mobile devices to make transactions is also something that appeals to the people. So, both these factors contribute to this spike in the usage of cryptocurrency.

Another interesting facet is the gaming culture, which has picked up radically in this country. The gaming market is booming, with 30 million active gamers. These gamers use cryptocurrencies only to be used in their games for in-app purchases. These 30 million gamers also have a drastic effect on the spike that we are discussing.

Initially, the people were skeptical in using something whose concept was totally foreign to them. Even the political climate did not condone the usage of something such as cryptocurrency. There were claims which stated that using cryptocurrencies was against the religion widely accepted in the country. The entire system was not ready to accept cryptocurrencies.

It took the whole economic community and the people who had studied and done research on cryptocurrency to come forward and show the world how the concept actually made sense and that all claims of it being against certain religions were actually untrue. The people saw through the whole farce and so emerged the spike in usage of cryptocurrencies.

People tend to take time to adjust to something which they do not seem to understand immediately. Cryptocurrency was also one such thing in Turkey. Now, however, the tables have turned. Turkey is at the forefront of the economy of cryptocurrency, because they believe that it is the future. Many countries are now looking towards Turkey and taking inspiration to start their own cashless economy.

The world is a big place which is getting smaller as time passes by. Every country is trying to be the best it can be in every aspect. Turkey has taken the first step towards it and is not stopping there.

John McEnroe

John McEnroe

“Those who believe in Bitcoin also believe in cleverness." – Arif Naseem


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