Crypto investing is alive and well in Turkey, thanks to lira woes
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Summary
Then in late April, two Turkish cryptocurrency exchanges – Thodex and Vebitcoin – collapsed, wiping out the holdings of hundreds of thousands of users.But cryptomania powered back in the final months of last year, with trading volumes topping one million per day, after a series of central bank interest-rate cuts in the face of soaring inflation saw the lira’s value crash.Billboards and television spots increasingly advertise ways for the public to enter the crypto market, and on most television channels, up-to-date values of Bitcoin are listed alongside the United States dollar and the euro.Turan Sert, an adviser for Paribu, Turkey’s largest online crypto exchange, said the heightened awareness underscores how crypto is increasingly replacing foreign currency or traditional stores of value like gold as a hedge against a local currency whose value is clouded by uncertainty.“In the past it was dollarization, meaning in order to avoid fluctuations in their currency people kept their assets in dollars,” he told Al Jazeera.
As said here by Umar Farooq