The research showed that 62% of Turks were crypto positive, while 36% said they would be happy to be paid in bitcoin. By contrast, the Dutch and the Austrians were the most negative about the leading cryptocurrency.
As CCN says, Turkey’s recent economic problems are fueling the pro-crypto sentiment in the nation. Its national currency, the lira, collapsed in 2018, and the country is still trying to recover. Nora Neuteboom, an ABN Amro economist, tweeted: “Turkey is more resilient than a year ago but we expect a very modest recovery from the current low levels.”
Reuters has also reported that the country’s industrial production has fallen for 10 consecutive months. Meanwhile, its manufacturing activity has decreased for 15 months in a row. Hilmi Yavas, an economist at Yatirim Finansman told Reuters: “Due to the strength of exports, industrial production was balanced to a certain extent in the first half of the year but we are seeing that foreign demand is not sufficient anymore. There is already a significant slowdown in the industry sector abroad and views are increasing that this is slowly starting to affect us.”
CCN also pointed out that the Turkish government has just posted a budget deficit of 68.7 billion Turkish lira ($12.3 billion) for the first seven months of the year.
Because of this, Turkish citizens are turning to bitcoin for stability, and according to a recent Statista survey, Turkey led all other countries in cryptocurrency usage with it standing at 20%. Turkey is closely followed in this survey by Brazil, Colombia and Argentina. These countries have also suffered high inflation rates , with Argentinians flocking to buy bitcoin this year after the hyperinflation of the Argentine peso.
Max Keiser tweeted, “#Bitcoin will become a factor for Turks as Hard Money becomes hard to come by.