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Turkey: The Biggest Cryptocurrency Adopter?

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Turkey cryptocurrency

Most enthusiasts would probably not guess which investor nation has the highest percentage of adopters of BTC and the altcoins. The surprising answer is Turkey. Statistica recently revealed that the Turks are the population with the largest percentage of cryptocurrency investors in their population.

In results that are remarkable, the study reveals that 18 percent of all Turkish citizens invested in digital assets. This is vastly greater than competing national figures. Romania is a distant second at 12 percent with Poland third at 11 percent. Spain with 10 percent and the Czech Republic with 9 percent rounds out the top five.

Turks Have Compelling Reasons To Love BTC and the Cryptocurrencies

The Turkish love of digital assets is grounded in the harsh economic reality of life in Turkey. Their currency has experienced a huge amount of turmoil and massive declines over several months. In the month of August alone, Turkey’s lira plunged by a stunning 50 percent versus the American dollar.

Dutch international giant ING Bank also has investigated this interesting topic of national investor adoption. Their results fell into line with Statistica’s. ING Bank found that while 18 percent of Turks own cryptocurrencies, eight percent of American citizens count digital assets’ holdings.

Turkish History with Digital Assets Far From Smooth

The country has not taken to cryptocurrencies from the start without obstacles though. Turkey became infamous for its failed Turcoin. Long promoted as the national cryptocurrency of Turkey, it turned out to be a many million pounds Ponzi scheme. Eventually the con artists running it found their way to prison. Hipper Inc. managed to gather 100 million Turkish lira from 12,000 investors before the closed it down.

The founders still claim their innocence. Muhammed Satıroğlu argues to this day that he “was only a mediator.” They claim that the sponsoring firm Hipper has no money at all in their accounts. Instead they blame partner company Sadun Kaya’s firm headquartered in Cyprus for the disappearance of the cash.

To prove his point, Muhammed Satıroğlu claims that he will happily return all the money. The caveat is that Turkish financial authorities must  release the restrictions on his bank accounts.  When they do not have any money from the scheme, it is unclear exactly how they would do that. Let the buyer beware.


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