This Country Is Crazy For CRYPTO!! Here’s Why!

Eleven thousand one hundred ninety six Years 10 months and 15 days that's the Length of time the founder of Turkish Crypto exchange thodex has been sent to Prison for that's right Farooq fatih Oza's sentence is twice the length of Recorded history it's a crazy story but It's just one of the many fascinating Dimensions of turkey's crypto scene one Of the most active in the world indeed Some even say Turkish crypto investors Propelled the last bull run now while This is hard to prove one thing is Certain if you care about crypto turkey Is a country you should be watching this Video will give you an overview of the Crypto scene in Turkey it'll outline the Country's staggering adoption levels Detail its crypto success stories Discuss its most notable villain and Everything in between let's jump in Shall we First a little context turkey is one of The most culturally significant and Geopolitically important countries on The planet it's the site of some of the Earliest human settlements on record it Straddles two continents and was home to Troy famous for Helen along Siege and That wooden horse among other things Turkey's largest city Istanbul was once The capital of two Mighty Empires the Byzantine and the ottoman the city Remains a cultural political and

Economic Powerhouse and don't get me Started on the cuisine Anyway not content with a long and Storied history turkey is also Remarkable when it comes to crypto for One crypto adoption in Turkey a country With a population of nearly 85 million Is staggeringly high according to a Survey carried out by popular crypto Exchange kucoin a whopping 52 percent of Turkish adults own crypto and almost as Impressive as that 52 figure is the fact That it represents a growth of 12 Percentage points from the previous 18 Months a period dominated by a bear Market now kucoin's figures are rather High in my opinion they're based on Surveys with 550 crypto investors not on A random sample of the population the Coin Bureau team contacted several People in Turkey for this report who all Feel the true figure is more in line With the 10 to 15 percent cited in other News sources but regardless of the Specifics the point still holds crypto Adoption in Turkey is high and seems to Be getting higher now I'll get into the Reasons for this adoption in a second First though I want to highlight Turkey's crypto credentials For starters some big names in the Sector have Turkish roots and they Include Emin gunsera the co-founder of Ava Labs the company behind the

Avalanche blockchain and Melton dimiros Part of the founding team of digital Currency group and now Chief strategy Officer of coin shares moreover Istanbul Is an important host City for crypto Events binance blockchain week was held In Istanbul this year the cosmiverse Conference is coming in early October And ethereum's Dev connect will take Place there in November there are also Regular fixtures like Istanbul Blockchain week and blockchain economy Istanbul the latter of which claims to Be eurasia's largest ever blockchain Event meanwhile the country's two Biggest crypto companies BTC Turk and Parabu are major success stories BTC Turk is Turkey's oldest crypto exchange And reportedly the fourth oldest BTC Exchange in the world in 2020 it became The official sponsor of the turkey Football Federation a big deal for a Football obsessed Nation But despite BTC Turk's longevity periboo Is the country's market leader with Around 50 market share this year as Compared to BTC Turks 37 and while Online exchanges are the most popular Route for ordinary citizens to access Crypto they can just as easily buy it Over the counter from money exchange Shops in areas of Istanbul like bayazet Near the city's famed Bazaar and as well As the legal exchanges there are the

Unregulated dealers Assyrian National in Turkey told the coin Bureau that there Are a number of unofficial crypto Vendors catering to Syrian communities Which number over 3 million in turkey And offer lower fees than registered Exchanges one black market crypto Exchange in Istanbul is reportedly Attached to a dentist's practice you Know in case you want to buy a bit of BTC after your root canal Anyway let's now try and get to the root Of why turkey has such high levels of Crypto adoption for starters turkey's History of high inflation is a key Reason why crypto has become so popular There as you can see from this chart 10 Years ago the exchange rate between the National currency the Turkish lira and The US dollar was around two to one that Exchange rate has increased steadily at Some points and exponentially as others To the point that now a dollar will get You 27 Turkish lira as eking gench Managing editor of DL News and a Turkish National explained to my colleague quote Unlike in the west where people who Haven't lived through hyperinflation can Find crypto A Hard Sell in Turkey you Literally grow up watching your parents Buy other currencies like the US dollar As a hedge with that backdrop in mind Ecken explained it's easy to see how People were drawn to crypto and

Particularly dollar pegged stable coins Like usdc and usdt the appeal deal of Stable coins as an inflation hedge is Also what propelled crypto adoption in Other countries currently experiencing Hyperinflation like Argentina and Venezuela however unlike in those Countries where crypto seems to be more Concentrated among the elites ekken's View is that crypto use in Turkey cuts Across social classes naturally this is Difficult to prove given the lack of Comparative data but it's an interesting Observation nonetheless I'll leave links To our recent videos about Hyperinflation in the description below In case you want to explore the topic Further by the way now though back to Turkey while some people there are into Crypto to safeguard their assets others Look to it as an investment ecken Emphasizes once more the vital role of Understanding the local context he Explained that in Turkey it's very Difficult for ordinary investors to Access International stock exchanges Which are regarded as a much better Investment than turkey's Stock Exchange Additionally Financial savings Instruments aren't as extensive as in Many Western countries and of course They also face the challenge of the Depreciating lira in that Financial Environment the promise of high returns

From crypto is highly appealing even Though it is widely considered a high Risk asset class as it is elsewhere of Course this is especially the case for Younger Turks who want to invest some of Their savings but don't have the capital To buy assets like real estate says Ecken apart from economic factors Turkey's relatively permissive Regulatory environment also helps Explain the high adoption rate in short It's legal to trade and huddle crypto But since April 2021 it's been verboten To pay for goods and services using it However even with this regulation there Are workarounds this Turkish real estate Developer for instance accepts crypto Payments customers just quote pay crypto Abroad and bring Fiat legally into Turkey under the guidance of our experts As for tax on crypto well technically Crypto profits should be subject to Capital gains tax however in reality This has not been enforced according to A Turkish lawyer we spoke to and that of Course is good news for Traders sorry to Interrupt you folks but I have to let You know about the coin Bureau deals Page now my team and I have been able to Pull together some of the best promos And discounts in the crypto space we're Talking trading fee discounts of over 50 Thousands of dollars in bonus airdrops Amazing deals at top exchanges reduced

Prices on Hardware wallets and much much More besides so just go to Coinbureau.com forward slash deals also Link to below and find the promo suited To you enjoy the rest of the video Now despite the bear Market we find Ourselves in Turks are still trading Crypto in notable numbers sure trading Volume in the country dropped 46 in the First half of 2023 as compared to the Same period in 2022 according to coin Gecko that sounds like a lot and it is But again it's important to put this Into context the drop in trading volume In Turkey is much less severe than in Other markets in India the drop during The same period has been 82 percent While in Indonesia it was 76 percent Coin gecko attributes this relatively Modest drop in Turkey to the country's High inflation rate and looking ahead The outlook for crypto in Turkey appears Promising according to data company Statista the Turkish crypto Market is Projected to grow by an average annual Rate of 18.88 over the next five years Resulting in a market volume of just Over 200 billion dollars in 2027. that's Twice what the company projects for 2023 Now it'd be nice to end on a high note But not everything is Rosy in turkey's Crypto scene in the introduction we Highlighted the case of Faruk fattier Jose the founder and CEO of FedEx who's

Been handed an astonishing prison Sentence of over 11 196 years this story deserves to be Looked at a little further ferric along With his brother and sister was Convicted of fraud embezzlement and Money laundering for those unfamiliar Fodex used to be one of turkey's largest Crypto exchanges in April 2021 its Customers found that trading and Withdrawals had been halted farruk Promptly disappeared with an alleged 2 Billion dollars worth of user funds it Was big news in turkey and some 400 000 Customers were reportedly affected Faruk Was sought by Turkish authorities and Interpol and was finally caught in Albania in 2022. his staggeringly long Sentence is not unheard of in Turkey Where sentences can and reflect an Accumulation of all charges and since Many many customers were affected that's A heck of a lot of charges did farrukh Sand contrite during the case you might Be wondering well as it happens no he Didn't according to the state-run Anadolu agency farrick essentially said That he didn't have Criminal Intent Because if he had he would have behaved Differently given how smart he is he Reportedly told the court that quote I Am smart enough to lead any institution On Earth it's a right old mystery how These super Geniuses keep getting

Arrested isn't it now as for how long Farruk will actually serve in jail it's Not very clear however the lawyer coin Bureau spoke to who's familiar with the Case believes that his sentence would Actually be a maximum of 28 to 32 years Some of which would be parole eligible That's still potentially a long time but Well at least he'll be at this Millennium every cloud a Well that's about all we have time for Today folks but now though I want to Hear from you what do you think about Some of the topics we've discussed today Do you have any thoughts on the reasons For turkey's High crypto adoption rate And what are crypto adoption levels like Where you're from and before I go I want To thank you for watching this video if You liked it I urge you to click the Bell and subscribe it really helps the Channel and don't forget our deals page Where you can get the biggest discounts On the best hardware wallet and up to Forty thousand dollars of bonus airdrops At the best crypto exchanges the link to That is in the description that's it From me so hostiles [Music]