With the rise of major cryptocurrency exchanges in the Turkish continent, the interest in cryptocurrencies has resumed. From demographic statistics to the development of offline markets, to the devaluation of the currency, the 84 million Turkish people have a lot of motivation to register for a new exchange.

Bitfinex, one of the largest cryptocurrencies in the world, recently announced plans to expand to Turkey (see tweet). Coinbase is reportedly looking to buy a local exchange for BtcTurk, while Binance has launched its first customer service center.

For Bitfinex and Tether chief technology officer Paolo Ardino, Cointelegraph is ranked 88th in the list of the 100 strongest since 2021 – which is due to Bitfinex’s “significant potential” in Turkey, “especially in light of the proposed monetary law.” The proposal would help the cryptocurrency to be set up in a way that supports Turkey’s currency, which defeats the lira.

“Turkey is one of the five largest markets in KuCoin, and it is growing rapidly,” KuCoin CEO Johnny Liu told Cointelegraph.

Kafkas Sonnmez, KuCoin’s manager in Turkey, told Cointelegraph that “global exchanges are going to enter Turkey and attract the attention of the people.” Interestingly, the offline element of sales is very important for Turkish audiences:

“One of the most popular ways in the Turkish market is to sign billboards, TV commercials and sign basic support in various fields,” he said. In this regard, Turkey must have legal status. ”
“Social media and the Internet are not enough to achieve brand awareness,” Sonmez said.

Erhan Kahraman, Cointelegraph’s European news editor, shared his experiences with the wave of local exchanges in Turkey. “In a city like Istanbul, Turkey’s commercial center has billboards in almost every corner, exchanging local passwords,” he explained.

Billboards and offline sales are key in Turkey. Source: Cointelegraph
Kahraman agreed with Sonmez on the importance of “going to the old school with billboards, written newspapers and TV commercials.”

“Digital commerce, which uses only digital marketing tools, will be the‘ internet ’for the mainstream market. That’s why digital brands such as Netflix or Twitter are also expanding their audiences using billboards, newspapers and other offline marketing methods. ”
Bybit is the key to “localized marketing” and creating a product that is different and sensitive to global products, according to Turkish state director Alfan Gosh. Turkey is “particularly prominent as an important market” that provides “untapped potential to tens of millions of investors.”

Indeed, almost all of the leaders of the cryptocurrency have captured the attractive population of Cointelegraph in Turkey.

According to Sonmez, “nearly 55 million people are over the age of 18 and have the opportunity to trade in the cryptocurrency market,” according to WOO, Turkey’s director general of public affairs, Buğra Gökağaçly.

It is not surprising that the use of ciphers in Turkey will increase 11-fold in 2021 with the constant contact of young and digital locals with online and offline marketing.

Bitcoin and cryptocurrency are distributed in Turkey. Source: Cointelegraph
“As of January 2022 and January 2021, the number of KuCoin transactions and the number of Turkish users has increased by 23.8 times and 23.6 times, respectively,” said Johnny Liu, KuCoin’s CEO.

In addition, the decline in lira purchasing power adds fuel to the raging cryptocurrency. The Bitcoin (BTC) set an all-time high against the lira in November last year, with prices falling to Pompeii in December, despite President Erdogan’s “lira beating.”

As for Kahraman, “it is no coincidence that the use of ciphers in Turkey this year has been a constant blow to the Turkish lira.” The Ardoino cryptocurrency on Bitfinex added that “the cryptocurrency is still a popular asset class and is partly driven by fluctuations in the value of the Turkish lira.”

Related: Crypto and NFTs comply with regulations when accepting Turkey’s digital future

Gökağaçly explained that “it is not too late” when it comes to “appealing to the Turkish wholesale retailer basin”. However, cautiously they explained that the current macroeconomic background is difficult:

“This is mainly due to the decline in the price of bitcoins and other cryptocurrencies after the FED’s monetary policy move.”
Despite the bitcoin price action, Gökağaçlı is experiencing a “change” in Turkey as a whole.

Source: CoinTelegraph