Bitcoin In Turkey Is Not More Popular Than Forex Anymore

Bitcoin in Turkey is not as popular as many believe because of the tanking national currency. As a matter of fact, the number one cryptocurrency is just a popular as Forex as we are about to find out in the latest cryptocurrency news reports.

As per the tweets on Sunday, Didi Taihutty of the ‘’Bitcoin Family’’ who sold all of his belongings in order to go full Bitcoin, revealed that the growing popularity of the number one cryptocurrency is still not as high as forex. The tweets show the video of a billboard in a city in the country advertising Bitcoin along with other foreign currencies. On the screen of the billboard you could also read the current exchange rates for each of the currencies that were listed. The video is just another example of Bitcoin’s growing popularity in Turkey as the Lira still comes crashing down. In the meantime, the government says that the forex deposits are putting downward pressure on the fiat currency in the country.

While the Turkish authorities have stopped short of introducing strict capital controls, Forex can still be very difficult to acquire in the country. This situation has made many people take a shot at Bitcoin thus increasing the bitcoin adoption as a way of safeguarding their wealth. Back in 2018, the reports showed that there are multiple instances of people in Turkey who are turning en mass to bitcoin as the lira dropped and forex became very difficult to get. For the Turkish government, the decline of the Lira is due to the ‘’sinister foreign influences’’ who are aiming to further weaken the country’s economy. With the increasing bitcoin accumulation, on the other hand, comes the need for more avenues for making crypto payments. According to Didi, there are many establishments that accept BTC payments.

The data also shows that there are multiple establishments that are accepting bitcoin payments across major cities such as Ankara, Eskisehir, and Antalya with more than 28 Bitcoin ATMs in the country. The country’s largest bitcoin exchange BTCTurk just won a partnership with Yeni Malatyaspor which is a professional football club in Turkey that could increase the adoption of Bitcoin in Turkey even further, as the statements from the exchange outlined in the altcoin news earlier.