According to data from Chainalysis, Turkey was the largest cryptocurrency market in the Middle East in 2021, with the exchange volume expanding by 1,500% y/y, bne Intellinews reports.

Attorney Burcak Unsal, an expert in cryptocurrencies, noted that the Turkish transaction cryptocurrency volume last year was one of the biggest in the world. Statista Portal, meanwhile, presented data showing Turkey was the world’s fourth biggest cryptocurrency market in 2020 in relation to the number of users.

The attraction of cryptocurrencies in emerging market Turkey stems from the high volatility and plummeted value of the Turkish lira (TRY). Since 2020, the chronic depreciation of the lira has driven many private actors to find a more secure way to invest and save their money.

Turkish residents who relied on the dollar and other strong foreign currencies to protect their savings have become more reluctant to rely solely on such fiat money to protect their assets and investments. Thus, cryptocurrencies become more and more popular while the national fiat money is perceived as less stable than digital assets. A similar trend is visible in South America and Africa.