Amidst the economic meltdown in Turkey, Cryptocurrency is emerging in the country as a ray of hope for its citizen. According to a new survey by Statista, Turkey has the highest Cryptocurrency owners, closely followed by Romania and Poland.
Though mass cryptocurrency adoption, still has a long way to go, the digital assets seem to finally find a footing amongst the commoners; at least in Turkey. A research conducted by Statistica on 15,000 individuals, suggests that currently, the market leader in terms of cryptocurrency ownership is Turkey.
Turkey has the highest number of individuals holding cryptocurrencies as 18% of respondents in the country hold Bitcoin or other cryptocurrencies. Notably, one of the most important crypto economies in the world, the U.S, is ranked way below Turkey with only 8% of respondent. Romania, Poland, and Spain managed to stay ahead of the U.S in the ranking, according to the survey. Indicating that the investors in the European country have garnered interest in cryptocurrencies, despite its volatile properties.
The U.S. Sanctions
This development can mostly be attributed to the sanctions placed on the respective countries by the United States, after which the merchants and businesses started considering cryptocurrencies. Earlier this month, Turkish Lira lost over 20% in one day, as the U.S. government imposed additional sanctions on the country. In the past 12 months, Lira has halved in value, enveloping the citizens in trouble. As a result, an increasing number of people are opting to store their funds in crypto as opposed to fiat currency.
The situations in Turkey has affected the wider European market equally, as the Euro dipped to a 14 month low against the U.S Dollars earlier this month. Last week, one of the leading economy in the Eurozone, Germany announced that it will work on creating a financial system that is independent of the United States. As the country doesn’t want to undergo a situation similar to that of Iran and Turkey due to U.S sanctions.
Mass Adoption of Crypto
The weakening positions of the fiat currency are opening doors for crypto. Another country that observed a massive hit by U.S sanctions, Venezuela, developed a national cryptocurrency, Petro. Petro is Venezuela’s answer and aims to circumnavigate the sanctions placed on them by the White House.
While Petro hasn’t received a warm welcome form its country, the traders and businesses in the country are turning towards Bitcoin as a resort. In fact, Venezuela sets new bitcoin trading record by surpassing 500 million bolivars, in just one week.
The citizens of countries like Zimbabwe and Africa are also resorting to cryptocurrencies to protect themselves against hyperinflation. Notably, Africa is currently considered as the next important region to embrace Bitcoin and other alternatives currencies.