Skip to main content

Despite ‘crypto winter,’ digital currency use remains high in Turkey

Crypto is down, but not out for dedicated traders, particularly in high inflation markets like Turkey, where digital tokens continue to draw users looking to earn, save and transfer hard currencies.
Turkey crypto

ISTANBUL – Since its peak in November 2021, Bitcoin’s value has fallen about 70 percent. The leading cryptocurrency’s latest tumble reflects a broader trend with digital tokens, which altogether have lost about $2 trillion in the last 10 months. 

Users call this bear market a “crypto winter,” but the negative trend hasn’t dissuaded many traders in Turkey, who make up one of the world’s most active crypto communities, according to a report published in July by the research company Morning Consult.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.