Turkey Has 2.4M Crypto Wallets Trading Over $6Bn Per Day
Thousands of people hurried to exchange their Turkish lira into cryptocurrencies when word spread that Turkey’s President Recep Erdogan will replace the head of the nation’s central bank in March 2021.
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An indication of the wider problem can be seen in the increase in crypto hunts. According to a lecturer who teaches blockchain and cryptocurrencies at Istanbul’s Kadr Has University, Turkish interest in cryptocurrencies has been steadily increasing for years.
According to a 2020 crypto research report from Turkey’s Information Technology and Communications Administration, more than 2.4 million people, or 3% of the population, trade cryptocurrencies in Turkey. In Turkey, especially after the late 2020 Bitcoin Bull Run, this number might be considerably higher.
Peer-to-peer (P2P) crypto trading platforms like Binance and Coinbase have seen enormous traffic in Turkey since January 2021 because to the absence of rules for traditional crypto exchanges there.
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It’s important to note that, according to CoinDesk, new registrations on cryptocurrency exchanges increased 10% between 2019 and 2020, while in February of this year, they were three times greater than the typical month in that year.
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