Topic: Half of the People in Turkey Now Own Crypto (Read 488 times)
Just like what happened in other countries hampered by runaway inflation and instability in their economies, people are looking for other proven ways to protect their wealth or assets. This is actually very interesting to study things happening in the economy in Turkey and how come there is a big boom in cryptocurrency adoption in there. Well, to put it simply, people are realizing that there is more peace and calm in the world of cryptocurrency despite its popular volatility compared to just holding on to the national money issued by the government which are all losing value due to runaway inflation. People can see protection of their assets in cryptocurrency and so millions are now owning cryptos in different types. Cryptocurrency then can be a saving boat during turbulent times. Still, they should also be careful because cryptocurrency can be like a woman having her own usual monthly period: irritable and sometimes unstable due to hormonal changes. I am looking forward that we can learn many things in Turkey and see the role of crypto impacting people's lives.
In Turkey most of people are accepting bitcoin and preferring it so this news is greatly related with the success of bitcoin. The more people accepting bitcoin as a source of investment the more will be the worth of bitcoin because demand and success are related with each other.
People are not only accepting bitcoin for the purpose of investment but there are much more other uses therefore people have greater interest towards buying bitcoin. I think in future there will be more crypto users not only in Turkey but in all countries which will have positive effects on the value of bitcoin.
People are not only accepting bitcoin for the purpose of investment but there are much more other uses therefore people have greater interest towards buying bitcoin. I think in future there will be more crypto users not only in Turkey but in all countries which will have positive effects on the value of bitcoin.
I am sure for the people, Crypto is surely a bless.
I agree with you OP. Because for me personally, cryptocurrencies have become a blessing. But even so, if you look at the facts, not everyone can run smoothly in the realm of crypto. Because after all, everything in this world always has pluses and minuses.Likewise, there is an increase in crypto adoption in Türkiye. This means that people there already believe in cryptocurrency, and perhaps consider it a blessing, because it can save them from recession.
Saying crypto is a blessing is like stupidity because crypto means that it's not talking about Bitcoin only there are altcoins that are full of scams and are a way for scammers to earn money by creating fake projects and so on.
So when you seen this news, don't be happy yet because it doesn't mean anything.
Now, about the wide variety of altcoins: I agree. There are many altcoins, and sadly, some of them are scams. But to say that crypto is a "blessing" or a "curse" because of a few bad apples is to take a narrow view. Instead, one should be careful and wise about the projects they engage in. Its important to sort the wheat from the chaff. Yes, the world of cryptocurrency is complex, but lets not underestimate its potential based on a few isolated events.
Reading back the topic I just realized another "fun" fact about it.
It says that 38% of them have invested more than 100 000 TRY, this means that 19% of the population of Turkey has invested more than the annual median wage in that country, so 19% or around 15 million people have poured around at least $4000 in crypto which would make it to 60 billion. For fun let's assume they all have it in Bitcoin, just those and assuming they have only the minimal bracket purchase and that 38% of the population of Turkey would own 13% of all the Bitcoins! If we count the others at a median we would have another 5-6% percentage!
So, based on this at least 20% of all the coins are owned by Turkish people!
Can we call it again one huge pile of bs?
Oh, also funny, if we assume 40 million bitcoin users not crypto, it would take 100 days for each of them to make one tx, without any other nation using the blockchain, so just their withdrawals would clog the network for 3 months!
It says that 38% of them have invested more than 100 000 TRY, this means that 19% of the population of Turkey has invested more than the annual median wage in that country, so 19% or around 15 million people have poured around at least $4000 in crypto which would make it to 60 billion. For fun let's assume they all have it in Bitcoin, just those and assuming they have only the minimal bracket purchase and that 38% of the population of Turkey would own 13% of all the Bitcoins! If we count the others at a median we would have another 5-6% percentage!
So, based on this at least 20% of all the coins are owned by Turkish people!
Can we call it again one huge pile of bs?
Oh, also funny, if we assume 40 million bitcoin users not crypto, it would take 100 days for each of them to make one tx, without any other nation using the blockchain, so just their withdrawals would clog the network for 3 months!
While we just hear that adoption is growing vastly to a specific location like Turkey per se but the study should have a concrete and accurate detail about it.
But with what many are noticing from countries that are dealing with high inflation, most of the are really looking for ways to defeat it and one of it is to use crypto.
Data may be inaccurate or accurate but, it is nowhere to go but also with that adoption growth sooner or later.
But with what many are noticing from countries that are dealing with high inflation, most of the are really looking for ways to defeat it and one of it is to use crypto.
Data may be inaccurate or accurate but, it is nowhere to go but also with that adoption growth sooner or later.
This statistics is BS, Turkey is a country of over 85m people, and you ask just 500 people what their opinion of crypto is, and you use that to draw conclusion that half of the people in Turkey now own crypto. Kucoin are probably doing this to atract attention to themselves, it has to be some sort of marketing strategy.
It is difficult to get statistics on the number of people using crypto in a particular region, but this one is a very weak attempt that does not in anyway paint the actual picture, Kucoin is just picking numbers out of a hat and making an exaggerated conclusion.
I generally agree because I don't think research by a crypto exchange is likely to be unbiased and representative of the overall population of a country. From the article, it seems that they simply did a survey of 500 people, and in that case, it's likely that they didn't reach enough non-crypto audience, considering that they are an exchange. That being said, if they commissioned sociological research to a reputable institution, it could be representative with a low margin of error. Perhaps not with 500 people, but with 1000–1500 people, professionally selected to ensure that they are representative of the whole country. I mean, we all know that accurate sociological polling is possible because we often see it before elections in various countries, and then by the difference between the polls and actual results. It is difficult to get statistics on the number of people using crypto in a particular region, but this one is a very weak attempt that does not in anyway paint the actual picture, Kucoin is just picking numbers out of a hat and making an exaggerated conclusion.
I’m not surprised to be honest, anybody who has any even moderate savings there has seen their money & purchasing power devalued so much that it’s akin to monopoly money. People have to protect themselves from the stealth tax that is inflation & bitcoin is the best option for that, as proven by the last 10 years.
I am sure for the people, Crypto is surely a bless.
I agree with you OP. Because for me personally, cryptocurrencies have become a blessing. But even so, if you look at the facts, not everyone can run smoothly in the realm of crypto. Because after all, everything in this world always has pluses and minuses.Likewise, there is an increase in crypto adoption in Türkiye. This means that people there already believe in cryptocurrency, and perhaps consider it a blessing, because it can save them from recession.
Saying crypto is a blessing is like stupidity because crypto means that it's not talking about Bitcoin only there are altcoins that are full of scams and are a way for scammers to earn money by creating fake projects and so on.
So when you seen this news, don't be happy yet because it doesn't mean anything.
This means that 50% of the population of Turkey currently has more than 42 million people who believe in and have holdings in
Bitcoin or cryptocurrency. What I can say about that is that the country of Turkey is so open-minded to Bitcoin or cryptocurrency,
so I won't be surprised one day if Turkey's economy suddenly rises a lot when the bull run season comes in Bitcoin.
Bitcoin or cryptocurrency. What I can say about that is that the country of Turkey is so open-minded to Bitcoin or cryptocurrency,
so I won't be surprised one day if Turkey's economy suddenly rises a lot when the bull run season comes in Bitcoin.
At the moment, their decision to shift their funds into cryptocurrency doesn't necessarily mean they have a strong desire to invest in crypto. There are other variables that might influence their decision-making.
I believe these crypto adopters are attempting to shield themselves from the significant inflation occurring in the Turkish Lira compared to the US Dollar. Many people are seeking a safe haven to protect their wealth from being eroded by inflation. I read about it here: link
Whether the effects are positive or not, I think everyone is starting to educate themselves about cryptocurrency due to this inflation. As a result, a percentage of Turkish crypto adopters will undoubtedly begin learning to use Bitcoin.
It's akin to a mass adoption of Bitcoin, but it's happening against the backdrop of a government struggling to curb inflation.
There are almost 85 million people in Turkey, as you can see in the picture below.
https://www.worldometers.info/world-population/turkey-population/
This means that 50% of the population of Turkey currently has more than 42 million people who believe in and have holdings in
Bitcoin or cryptocurrency. What I can say about that is that the country of Turkey is so open-minded to Bitcoin or cryptocurrency,
so I won't be surprised one day if Turkey's economy suddenly rises a lot when the bull run season comes in Bitcoin.
https://www.worldometers.info/world-population/turkey-population/
This means that 50% of the population of Turkey currently has more than 42 million people who believe in and have holdings in
Bitcoin or cryptocurrency. What I can say about that is that the country of Turkey is so open-minded to Bitcoin or cryptocurrency,
so I won't be surprised one day if Turkey's economy suddenly rises a lot when the bull run season comes in Bitcoin.
~Snip
Actually, I was a little doubtful about this news. But after I learned that Turkey is the country with the most cryptocurrency users in the world, my thinking changed a little.I am sure for the people, Crypto is surely a bless.
I agree with you OP. Because for me personally, cryptocurrencies have become a blessing. But even so, if you look at the facts, not everyone can run smoothly in the realm of crypto. Because after all, everything in this world always has pluses and minuses.Likewise, there is an increase in crypto adoption in Türkiye. This means that people there already believe in cryptocurrency, and perhaps consider it a blessing, because it can save them from recession.
Interesting to see how people in Turkey are preferring Crypto over fiat to save themselves from the inflation.
According to this article, crypto adoption has increased from 40 percent to 52 percent of the Turkish population over the last year and a half.
In June this year, Turkey's Inflation was reported at 38.2% and it's currently 47.83% in August.
I am sure for the people, Crypto is surely a bless.
It's just a matter of percentage figures and we also don't know how well the sample is collected and matched to the data. I mean the numbers can be not very accurate and although we would like to see the percentages and maybe the Türkiye on the forum know more because we might struggle to get the real statistics, especially when we talk about the percentage of the whole survey conducted and the sample is usually taken randomly in between people involved in crypto so that data automatically increases its adoption rate.According to this article, crypto adoption has increased from 40 percent to 52 percent of the Turkish population over the last year and a half.
In June this year, Turkey's Inflation was reported at 38.2% and it's currently 47.83% in August.
I am sure for the people, Crypto is surely a bless.
Let's just say that the survey is true and we have another Türkiye brother in the crypto industry and hope that the presence of bitcoin in particular can have a good impact on all people involved in it or not. Unifying the perception between the previously existing investment system and the new investment system is progress and this is where we see that technology is a smart innovation that can surpass more massive mass movements.
Just like the others, I am also suspicious of these numbers. I didn't read the study or the survey which released these numbers but I doubt it is done right so as to be realistic in its findings.
Of course I wish this is true especially knowing that the country has experienced an accelerated devaluation of their fiat currency, but it's better to report the real situation.
But this kind of poorly written article is nothing new in crypto. Many crypto articles are more of exaggerations or with so much hype rather than truthful.
Of course I wish this is true especially knowing that the country has experienced an accelerated devaluation of their fiat currency, but it's better to report the real situation.
But this kind of poorly written article is nothing new in crypto. Many crypto articles are more of exaggerations or with so much hype rather than truthful.
The survey results have never been used as a measure or representative of anything, but we cannot deny that cryptocurrencies are thriving in countries with high inflation.
You don't need to wish because that's what's happening, cryptocurrencies are becoming friendly in countries with crazy inflation.
If you are someone who regularly reads economic and financial news, it will not be surprising that Turkey is one of the countries with high inflation rates in the world. As I said, I don't care about the survey results but I believe it is true that Turks are using bitcoin or cryptocurrency to avoid inflation.
I have no issue about the people in Turkey getting into Bitcoin because of the uncontrollable inflation rate. I am happy that they have known Bitcoin and that they were able to use it to counter the country's fast fiat devaluation. I am also hoping that the rest of the country come to know Bitcoin and take advantage of what it offers.
My issue is the exaggeration that is being proliferated by crypto news articles that have no solid research or background. Half of Turkey's population own crypto? Come on!
As I said, let's not take those survey results too seriously because they don't mean anything. Furthermore, you can read the article that Ayers provided us, you can see that Turks have been interested in cryptocurrencies for a long time and it is not something new. The survey results are not accurate, but Turkish people's interest in cryptocurrencies is not fake news.
As for the survey's exaggeration, the same as many people on this forum have over exaggerated about bitcoin. Many people also praise bitcoin as being able to bring peace, eliminate poverty or reduce unemployment...I find it even more terrible than that survey.
Just like the others, I am also suspicious of these numbers. I didn't read the study or the survey which released these numbers but I doubt it is done right so as to be realistic in its findings.
Of course I wish this is true especially knowing that the country has experienced an accelerated devaluation of their fiat currency, but it's better to report the real situation.
But this kind of poorly written article is nothing new in crypto. Many crypto articles are more of exaggerations or with so much hype rather than truthful.
Of course I wish this is true especially knowing that the country has experienced an accelerated devaluation of their fiat currency, but it's better to report the real situation.
But this kind of poorly written article is nothing new in crypto. Many crypto articles are more of exaggerations or with so much hype rather than truthful.
The survey results have never been used as a measure or representative of anything, but we cannot deny that cryptocurrencies are thriving in countries with high inflation.
You don't need to wish because that's what's happening, cryptocurrencies are becoming friendly in countries with crazy inflation.
If you are someone who regularly reads economic and financial news, it will not be surprising that Turkey is one of the countries with high inflation rates in the world. As I said, I don't care about the survey results but I believe it is true that Turks are using bitcoin or cryptocurrency to avoid inflation.
I have no issue about the people in Turkey getting into Bitcoin because of the uncontrollable inflation rate. I am happy that they have known Bitcoin and that they were able to use it to counter the country's fast fiat devaluation. I am also hoping that the rest of the country come to know Bitcoin and take advantage of what it offers.
My issue is the exaggeration that is being proliferated by crypto news articles that have no solid research or background. Half of Turkey's population own crypto? Come on!
Yo what? That’s definitely another messed up survey answers from small group as mentioned in the article. It means literally nothing as long as there is door to door survey and asking every personnel whether they own the crypto or not. That’s the real figure that I will believe if they ever do physical survey like that.
These digital media’s and micro site based surveys are not truthful. I am working part time on micro tasking site and see all the type of survey providers. The users would do anything to get qualified for the survey. Sometimes a male 21 years old might just be feeling profile of 40 years old. It’s completely messed up data and can’t be trusted.
These digital media’s and micro site based surveys are not truthful. I am working part time on micro tasking site and see all the type of survey providers. The users would do anything to get qualified for the survey. Sometimes a male 21 years old might just be feeling profile of 40 years old. It’s completely messed up data and can’t be trusted.
It makes sense now, it's just a research survey. I was actually confused that how can this number be the actual number of Crypto Investors as Turkey has a population of 85 million, that means according to them, approx 43 million people are using Crypto. This number can't be real at all. I mean what a way to sell their news and make it a clickbait, good job Decrypt team. I mean by this logic, there are more than 700 million people already using Crypto if follow this.
surely the title is just a clickbait because currently Turkey's population is 82 million people and half of them are 41 million, I even looked for clarity on the news on this topic and I found several articles that said crypto adoption in Turkey was up 50% from the previous year all of that because inflation. this will definitely become a trend, I will definitely convert my fiat currency if high inflation attacks my country's economy, inflation is a very bad thing because your purchasing power for some goods increases by several percent.
It makes sense now, it's just a research survey. I was actually confused that how can this number be the actual number of Crypto Investors as Turkey has a population of 85 million, that means according to them, approx 43 million people are using Crypto. This number can't be real at all. I mean what a way to sell their news and make it a clickbait, good job Decrypt team. I mean by this logic, there are more than 700 million people already using Crypto if follow this.
surely the title is just a clickbait because currently Turkey's population is 82 million people and half of them are 41 million, I even looked for clarity on the news on this topic and I found several articles that said crypto adoption in Turkey was up 50% from the previous year all of that because inflation. this will definitely become a trend, I will definitely convert my fiat currency if high inflation attacks my country's economy, inflation is a very bad thing because your purchasing power for some goods increases by several percent.
@ImThour, at least you, as a Legendary member, should know the difference between Bitcoin and crypto, and since no one mentions Bitcoin explicitly, what is this topic doing in the Bitcoin discussion? Even if the figure is miraculously true (and of course it isn't), people who invest in altcoins have messed up in the long term anyway, whether they will be screwed by inflation or 99% of crypto projects that will fail in the next 2-3 years.
What I noticed is that "someone" persistently pumps this kind of "research" in that country, because a few years ago we had a similar discussion, only the number of those who owned crypto was 18%. You don't need to be too intelligent to conclude that various CEXs are using the economic situation in that country to create the impression that everyone is buying cryptocurrencies, which is actually a tactic for them as companies to attract more clients and of course earn more by charging high service fees.
In addition, I noticed that some members warn that we no longer write the name of the country as Turkey, new is Türkiye.
https://www.npr.org/2023/01/08/1147704945/the-state-department-will-begin-spelling-turkey-as-turkiye
What I noticed is that "someone" persistently pumps this kind of "research" in that country, because a few years ago we had a similar discussion, only the number of those who owned crypto was 18%. You don't need to be too intelligent to conclude that various CEXs are using the economic situation in that country to create the impression that everyone is buying cryptocurrencies, which is actually a tactic for them as companies to attract more clients and of course earn more by charging high service fees.
In addition, I noticed that some members warn that we no longer write the name of the country as Turkey, new is Türkiye.
https://www.npr.org/2023/01/08/1147704945/the-state-department-will-begin-spelling-turkey-as-turkiye
Just like the others, I am also suspicious of these numbers. I didn't read the study or the survey which released these numbers but I doubt it is done right so as to be realistic in its findings.
Of course I wish this is true especially knowing that the country has experienced an accelerated devaluation of their fiat currency, but it's better to report the real situation.
But this kind of poorly written article is nothing new in crypto. Many crypto articles are more of exaggerations or with so much hype rather than truthful.
Of course I wish this is true especially knowing that the country has experienced an accelerated devaluation of their fiat currency, but it's better to report the real situation.
But this kind of poorly written article is nothing new in crypto. Many crypto articles are more of exaggerations or with so much hype rather than truthful.
The survey results have never been used as a measure or representative of anything, but we cannot deny that cryptocurrencies are thriving in countries with high inflation.
You don't need to wish because that's what's happening, cryptocurrencies are becoming friendly in countries with crazy inflation.
If you are someone who regularly reads economic and financial news, it will not be surprising that Turkey is one of the countries with high inflation rates in the world. As I said, I don't care about the survey results but I believe it is true that Turks are using bitcoin or cryptocurrency to avoid inflation.
From what Kucoin is pointing out is that Turkey is increasing in the adoption of crypto but the 52% is an exaggeration figure. I am happy that people have begin to see bitcoin as an hedge to inflation, especially those third world countries that inflation is at its peak. It is good news to see that bitcoin is gaining more popularity. I hope that it is bitcoin that they are investing on and not just any cryptocurrency,so that they don't run at loss. Surveys ain't easy to carry out and most times,they come up with bias figures
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