Cryptocurrency Wave in Turkey

With the exchanges setting their foot in the transcontinental country, Turkey happens to experience a resurgence in the interest in cryptocurrency. From offline marketing to demographics to even currency depreciation, there happens to be plenty of motivation for all the 84 million Turkish people to sign the new exchanges.

However, it was seen that Turkey happens to be one of the top 5 markets that experience faster growth in Kucoin.

Turkey flag and cryptocurrency

Bitfinex happens to be one of the world’s largest exchanges of cryptocurrency that recently announced plans to expand its wing into Turkey. It happens to see the proposed cryptocurrency law that would help to provide a position to the concept of cryptocurrencies in such a way that it supports the failing Turkish currency.

The global exchanges entering Turkey happen to attract attention. One of the popular ways of doing it in the Turkish market happens to be signing the TV advertisement, billboard ads, and some of the major sponsorships. It is, however, mandatory to come up with legal entities in Turkey. Some of the official authorities commented that the internet and social media are quite insufficient when it comes to achieving brand awareness. However as per the European news editor the local expertise regarding the wave that the cryptocurrency made in Turkey was due to the global exchanges. The editor further emphasized the statement that a city like Istanbul happens to be the business hub after it features a Billboard in every corner from top local crypto exchanges.

crypto news

The digital business that uses digital marketing tools and up being one of the internet things for any mainstream market. It is the reason why huge digital brands, including Twitter or Netflix started using newspapers, billboards, or other offline marketing methods to expand their audience. With a digitally naive and young population, one can expect exposure to both offline and online marketing. Due to this reason, the usage of cryptocurrency is somehow soaring by 11 fold in the year 2021.

Further, the fall in the purchasing power of the Turkish currency fuels the fire of cryptocurrency. The concept of Bitcoins happens to hit the new all-time highs against the currency. It is somehow a kind of coincidence that the trip to usage in the Turkish crypto increased remarkably in the same year when the Turkish lira happened to take up consecutive hits.

Turkey and bitcoin

Furthermore, the concept of cryptocurrency happens to be one of the popular asset classes for the Turkish population. It is partly driven by the fluctuations in the valuation of the Turkish lira that one happens to experience. When it comes to appealing to the vast retail population of Turkey, one mustn’t be late. The Bitcoin along with the rest of the cryptos happens to have a downtrend in the prices that follows the monetary policy movement that is projected by FED. Hence ultimately embracing cryptocurrency with the arrival of global interest, the country happens to experience a more participatory financial system and freedom of money.

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  1. Pingback: Cryptocurrency Wave in Turkey – Crypto Bullish Bears

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