Turkish Media Admits Istanbul’s Crypto Boom
CryptoTips noticed the Turkish shift in sentiment for Bitcoin and other cryptocurrencies a few weeks ago already, when Turkish President Erdogan fired his central banker and the Turkish Lira fell to record lows.
By now, Turkish media has learned the same lesson and earlier this week both TRT World (which according to the Washington Post reaches a whopping 260 million households in 190 countries) and even global newspaper The Guardian featured articles on the hype in the 82 million strong country.
Younger Turks used to get laughed at a few years ago when talking about Bitcoin, Ethereum and many other crypto coins. By now, they get the last laugh as older generations of Turkish men are switching from gold to crypto.
Dürum shop wants crypto lessons
28-year-old Kerem Kutay Yıldırım works in a tea house in Istanbul, in the Çorum area and admits:
Everyone we know in Çorum is starting to invest in cryptocurrency. We think that in five years or so regular currency will be in decline, it will be replaced by digital ones. So we wanted to be in a good position now.
He admits that there’s been a shift in sentiment ever since Erdogan let the Lira slide.
The older customers think it’s a bit absurd. They made fun of us. But now the dürüm shop next door is asking us to teach them.
Turks are of course a historic people of traders. As they were at the center of Asia and Europe, this is where commerce between continents was created. As such, Turks have invested in gold whenever inflation would hit their own currencies, but as of late, the mood is shifting towards crypto as well.
Local crypto consultant Onur Gozupek claims that Turks, of whom at least 3 million admitted are already invested in crypto, are not keen on HODLing though. He stated:
Turkish people are traders, not holders. And due to tough economic conditions, people see cryptocurrencies as a way to earn money in the short-term, and potentially become rich.
magri1 / Depositphotos.com