2023-05-19 11:07:25
According to the latest survey by GWI Research, the number of cryptocurrency owners has increased the most recently in Turkey.
The Turkish lira suddenly collapsed in late 2021 and lost 44% of its value once morest the US dollar, greatly affecting the savings and investments of locals, thus improving cryptocurrency adoption in the country. The state’s inflation rate exceeded 30%, and by the end of the year a staggering 72.31% growth was reported.
The daily trading volume of cryptocurrencies reached the level of 1.8 billion dollars, as the population found refuge in digital money. According to the survey among 16-64 year olds, the number of cryptocurrency owners increased by 27.1% by 2022 compared to 2021. Argentina and the Philippines follow closely behind Turkey, with growth of 23.5 and 23.4 percent.
The data according to more than 2.4 million Turks, or regarding 2.94 percent of the population, already own Bitcoin. There is currently no specific regulatory framework for cryptocurrency trading in the country. However, as the government prepares to introduce its central bank digital currency, the digital lira, this year, regulatory adjustments are expected in the coming years.
The loss of faith in fiat money and the demand for alternative stores of value in Argentina and the Philippines have also led to an increase in the popularity of cryptocurrencies. The interest in the industry is a sign that digital tools and decentralized financial systems are becoming more widely accepted. Significant trading volume can also be observed on the Turkish cryptocurrency exchanges BtcTruck and Paribu; and the social influence of the sector has already been integrated into university courses and the world of sports.
The growth in cryptocurrency ownership is a great testament to the growing acceptance and recognition of cryptocurrencies as an alternative financial instrument – even though some parts of the industry are currently still immature.
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