Are Turkey Residents Moving To Crypto?
Because of inflation, people are losing the power chasing power. It can become a serious problem when the fiat currency depreciates more. Some Turkey residents focus on crypto, especially stablecoin USDT to hold the purchasing power and preserve their wealth.
It is sad to see the national fiat currency loses its value. People may not feel comfortable holding the Turkish lira since it keeps losing its value against the US dollar. 1 Turkish lira was worth almost $0.15 USD at the beginning of 2020. Recently it hit a record low and now 1 Turkish lira is equal to $0.042 US Dollar.
It is difficult to hold the purchasing power in the Turkish lira. They prefer USDT which is the largest stablecoin in market cap. Stablecoin USDT usually holds its peg against dollars. It is easy to convert the national fiat currency into stablecoins. Turkey residents may not lose value the way they are losing in native fiat currency.
Fiat currency has inflation and the US dollar is not exceptional. So it has inflation which causes losing its purchasing power. The point is which one is better for the time being. People choose to stick with that. Besides inflation, while people are holding stablecoins, they also bear the risk. Stablecoins are not risk-free. It may lose its peg and there is uncertainty.
Still, it gives a better solution for the time being. While keeping money in stablecoins, people will explore more to invest in cryptocurrency. It will give more exposure to crypto and blockchain. They will look into it and embrace crypto in their life.
Turkey regulators put some restrictions on the purchase of dollars or even buying gold with the Turkish lira. People find it more convenient to buy USDT to preserve their wealth. They can transfer stablecoin anywhere at any time which gives more flexibility. Living in an inflationary environment, they can take a breath paying attention to crypto.
You need to start using crypto for some reason. When you realize the potential of crypto, you will find your way to build your wealth. It brings equal opportunity to everyone. You will have access to your crypto assets living anywhere in the world.
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