Aug 21 2018

Turks eye-up cryptocurrencies as lira loses value

Turks are showing an increasing interest in cryptocurrencies, such as Bitcoin, according to financial blog Zero Hedge, citing the results of a survey into cryptocurrency ownership carried out by ING earlier this year.

Whilst just 9 percent of European consumers report that they own cryptocurrency, 18 percent of Turks do, the highest rate amongst the countries surveyed.

Cryptocurrency ownership

The relatively high rate of cryptocurrency ownership in Turkey may reflect consumers taking advantage of the drop in the value of Bitcoin, one of which was valued at $17,000 in December last year, but has since fallen to $6,500. But it may also indicate Turks are losing confidence in the Turkish lira, which has lost around 40 percent of its value against the dollar this year, and are seeking alternatives.