Crypto in Turkey: What’s driving mass-scale crypto adoption in this country?

The overall crypto industry has been going through a rough patch. Crypto prices have plunged anywhere between 65% to near 100% in some cases. Crypto based companies have either shut shop in the current raging bear market or resorting to mass layoffs to cut costs in an attempt to keep the company alive. To make things worse, cryptos – especially the grandfather of cryptos – Bitcoin isn’t really working out to be an inflationary hedge as it was once envisioned to be – and has lost more than double in percentage terms than the US stock market and its tech focused, NASDAQ index.

With over 8 million citizens currently involved in crypto according to a recent report, crypto is not a game, but a necessity for these citizens to preserve their money. So thanks to that, you can now find small businesses exchanging local currency for Bitcoin and Tether easily in the bazaars of Istanbul. But in a country like Turkey, which is facing skyrocketing inflation levels and a rapidly depreciating national currency, its Lira - Turkish citizens are resorting to other investment vehicles to protect the value of their earned money so as to be able to pay their bills and survive.

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