According to the survey report released by Statista which included more than 15,000 people, more than 18 percent of the investors in Turkey have invested in digital currencies within a past few years.
Earlier this month, the U.S. government implemented extra sanctions on the Turkish economy, excluding the region from the worldwide banking systems operated by the SWIFT in the city of Belgium. Consequently, the lira, the national fiat currency of Turkey, fell by around more than 50%.
As per a report by Bloomberg earlier this year, stated that the Turkish merchants were losing out massively with their holdings in lira as per the country’s ongoing conflict with the United States, that became more worse when the govt. rejected to free pastor named ‘Andrew Brunson.’
Due to existing capital controls and therefore the governments encouragement to stop changing the country’s fiat currency ‘Lira’ to any other currencies.
A currency, whether it’s a national currency or some other currency, is valuable till its able to operate as a medium of exchange. If the liquidity of the currency is low and further its users are disallowed by a govt. from having the ability to exchange it for different assets, then the net worth of the currency is expected to raise serious questions.
The govt. dominance over the lira by eliminating financial freedom from its resident has primarily raised the demand for digital currencies in the country.