Crypto adoption has been on the rise in Europe for some time, and many of the nations in the 28-member bloc are actively working to create crypto regulations. In a fresh survey from ING – the leading Dutch bank – has highlighted that Turkey is leading the way in crypto adoption and its citizens hold the most crypto out of any nation in the bloc. To those familiar with Turkish politics and its current economic situation the results of the survey are the least bit surprising, but the result still stands a great proof that crypto is the currency of the future.
Turkey Sliding into Recession
As elections loom on the horizon in Turkey, the nation recorded successive quarters of falling economic growth – the definition of a recession. In a bid to secure assets and be one step ahead of the game, Turkish citizens have been running to cryptocurrencies to become their new store of wealth. As Turks look at Venezuela and how quickly a recession can turn into hyperinflation and poverty, it’s no shock that cryptocurrencies have become so popular in the nation. By putting savings into Bitcoin and other cryptocurrencies, Turkish citizens are protecting their assets from a devaluation of the Turkish Lira.
“I Own Cryptocurrency”
The survey asked more than 1000 people from each country in the 28-member bloc one question with two possible answers – yes or no. A tiny 9% of all European consumers said that they own some form of cryptocurrency. Turkey topped the chart with a whopping 18% of participants from the country replying “yes” to the question. The results of the ING survey were then teleported into the Twittersphere by Meltem Demirors – CoinShares Chief Strategist – where the Turkish crypto industry went crazy for the data.
.@ING_news‘e göre, Avrupa ulkeleri içinde Türkler kripto para sahipliginde % olarak birinçi sirada yer aliyor. Türk yatirimcilari ve start-up’larinin bu buyuk basarisindan dolayi bir Türk olarak gurur duyuyorum.
— Meltem Demirors (@Melt_Dem) February 27, 2019
Turkish Hackers Are Caught
Where the crypto industry is booming, there is also an alarming number of hackers and scammers looking to take advantage of less knowledgeable people. Fortunately, a group of 11 hackers who had been targeting email accounts have been arrested after reports of $80,000 in various cryptos went missing. The hackers took control of email accounts and then reset passwords on exchanges to transfer out any funds to their own wallets.
The fact that Turkey is sliding deeper into a recession is a scary thought for many in Europe, but cryptocurrency has thrown citizens a lifeline is incredible. As many Turks transferred their assets into crypto early, we are likely to see a Venezuela style situation emerge in Europe. It’s just another case proving that Bitcoin and the crypto world has a future in world economics.