{"id":210194,"date":"2022-01-05T09:30:26","date_gmt":"2022-01-05T09:30:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=210194"},"modified":"2022-01-04T23:11:48","modified_gmt":"2022-01-04T23:11:48","slug":"turkeys-rising-inflation-pushes-citizens-to-crypto","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/turkeys-rising-inflation-pushes-citizens-to-crypto\/","title":{"rendered":"Turkey\u2019s rising inflation pushes citizens to crypto"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In recent times, one of the major economic crises countries around the world have been facing is inflation; especially as a number of them are having to battle with the dwindling purchasing power of their national fiat currency due to the effect of the coronavirus pandemic.<\/span><\/p>\n<h2><b>Turkey is battling an economic crises<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">One country fighting this battle is the Republic of Turkey, where current indications show that the country's inflation rates have spiked to over 30%, the highest ever in 19 years. According to a Reuters <\/span><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-inflation-surges-361-amid-lira-crisis-highest-since-2002-2022-01-03\/\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, consumer prices skyrocketed to 13.58% towards the end of the previous year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Per information obtained from the Turkish Statistical Institute on Monday, the country's inflation rates crossed 36% showing the depth of the economic crises the country is in currently. Also, the country\u2019s native fiat currency, Lira, lost 44% of its value against the United States Dollar last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of these rising inflation rates, the country's apex bank has repeatedly had to cut down the interest rate benchmark. In fact, the bank still reduced the interest rate in December when the country\u2019s Lira dropped to a new low of 15.5% against the United States Dollar.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, Turkey\u2019s inflation has been attributed to a number of factors like the cost of transportation, beverage, and food costs, as well as household items soaring beyond that of the previous years.<\/span><\/p>\n<h2><b>Turkey Citizens flock crypto<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Due to this level of inflation, citizens of the country have been flocking to crypto assets as <a href=\"https:\/\/www.google.com\/finance\/quote\/TRY-BTC?sa=X&ved=2ahUKEwiLz4X2npb1AhWCRzABHf5zCFYQ-fUHegQICBAS\">demand for Bitcoin<\/a> and other digital tokens rose massively in the previous year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <a href=\"https:\/\/www.cryptocompare.com\/coins\/btc\/analysis\/USD\">data<\/a> on Cryptocompare, TRY represents 0.69% and 0.72% of all <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> trades and <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\"><span style=\"font-weight: 400;\">ETH<\/span><\/a><span style=\"font-weight: 400;\"> swaps, respectively. While this looks impressive, it represents just a fraction of the demand for stablecoins amongst the citizens. As of January 3, 2022, the largest trading pair involving <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\"><span style=\"font-weight: 400;\">USDT<\/span><\/a><span style=\"font-weight: 400;\"> is with the Turkish Lira as it stands at 29.42%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other stablecoins like <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/binance-usd\/\"><span style=\"font-weight: 400;\">BUSD<\/span><\/a><span style=\"font-weight: 400;\"> is the second-most traded pair with TRY with 7% while <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/usd-coin\/\"><span style=\"font-weight: 400;\">USDC<\/span><\/a><span style=\"font-weight: 400;\"> stands at 0.36%.<\/span><\/p>\n<h2><b>Other countries with similar troubles<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While Turkey has been battling an economic crisis, other countries like Argentina, Venezuela and, Nigeria have also had similar troubles with their own national currency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We <\/span><a href=\"https:\/\/cryptoslate.com\/vitalik-buterin-foresaw-stablecoin-and-defi-growth-omits-nft\/\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> that Vitalik Buterin mentioned the rate of crypto adoption in Argentina after he recently visited the country. Also, Nigerians rank as one of the <\/span><a href=\"https:\/\/cryptoslate.com\/nigeria-ranks-ahead-of-u-s-others-in-crypto-ownership\/\"><span style=\"font-weight: 400;\">highest adopters of digital assets in the world<\/span><\/a><span style=\"font-weight: 400;\"> as many citizens highlight the dwindling value of their national currency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All of this has contributed massively to the rise of crypto adoption around the world in the last year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent times, one of the major economic crises countries around the world have been facing is inflation; especially as a number of them are having to battle with the dwindling purchasing power of their national fiat currency due to the effect of the coronavirus pandemic. Turkey is battling an economic crises One country fighting [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":210270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[76800,76128,77225,76820,77224,76824,72860],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Turkey\u2019s rising inflation pushes citizens to crypto<\/title>\n<meta name=\"description\" content=\"Turkey citizens are running to crypto as the country\u2019s currency as lost over 40% of its value to the US Dollar within one year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/turkeys-rising-inflation-pushes-citizens-to-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turkey\u2019s rising inflation pushes citizens to crypto\" \/>\n<meta property=\"og:description\" content=\"Turkey citizens are running to crypto as the country\u2019s currency as lost over 40% of its value to the US Dollar within one year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/turkeys-rising-inflation-pushes-citizens-to-crypto\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-05T09:30:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-04T23:11:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/01\/turkey-crypto-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/turkeys-rising-inflation-pushes-citizens-to-crypto\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/turkeys-rising-inflation-pushes-citizens-to-crypto\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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