A Study of Turkey's Crypto Market

I spent approximately two months in Turkey in 2023. I was impressed by the delicious food and the breathtaking views of the Mediterranean and Aegean Seas. However, what struck me the most was the widespread adoption of cryptocurrency. I often found myself engaged in conversations about crypto and blockchain with my Turkish friends, many of whom own and have invested in cryptocurrencies.

🟠 Why are Turks so open to crypto?

One of my Turkish friends collects currencies from different countries, including several 100 RMB bills. He told me that in 2019, when he got his first 100 RMB bill, the exchange rate between RMB and Turkish Lira was about 1:1. Now, it's 1:4.

This significant inflation of the Turkish Lira has led Turks to lose confidence in their own currency, prompting them to seek new investment opportunities. Crypto is one such promising financial investment.

According to Binance's market report,

🔸 Crypto acceptance in Turkey is as high as 40%, with 2 out of 5 people owning crypto.

🔸 Binance's data shows that Turkish users are the fourth largest trading group in terms of volume.

The combination of Turkey's solid foundation for widespread crypto adoption and the intensive offline industry gatherings initiated by Binance Week/Avalanche in October 2023 have drawn significant attention from Web3 projects and funders, especially in Istanbul. It's clear that Turkey could be the next Web3 hotspot, following Singapore and Hong Kong.

🟠 What's the biggest challenge for a project wanting to enter this market?

One major hurdle for those wishing to tap into and expand in the Turkish crypto market is the language barrier. Despite Istanbul's reputation as the "world's capital," its residents insist on using only Turkish. During my two months in Turkey, I struggled to find individuals fluent in English. Therefore, learning Turkish, or at least basic everyday vocabulary, may be necessary. For projects aiming to penetrate the Turkish Web3 market, hiring local Turkish employees or reliable translators for proper localization is key.

🟠 Where can Turkey's Web3/crypto organizations be found?

Here are two recommendations:

🔸altcointurk

Established in 2018, altcointurk is Turkey's largest Web3 community, organizing CryptoFriday events weekly. They've hosted over 200 events to date. When I was there, Dfinity conducted a roadshow at altcointurk, with Manta co-founder Kenny leading the Turkish team. Many other projects and traders frequent the community, including representatives from Dubai's exchanges and Alibaba Cloud. Besides hosting Friday event nights, it also serves as a co-working space for industry networking.

🔸 kriptoetkinlik https://www.kriptoetkinlik.com

This website, developed by members of the altcointurk community, is a comprehensive guide to Turkey's Web3/crypto events. Despite its simple landing page, it's a go-to resource for industry events in Turkey, available in both Turkish and English.

In conclusion, the crypto market in Turkey is a dynamic and rapidly evolving landscape. With its high acceptance rate of cryptocurrencies and active community engagement, Turkey is poised to become a key player in the global blockchain and crypto scene. However, the language barrier remains a significant challenge. Therefore, it is crucial for new entrants to strategize on effective localization measures to harness the potential of this burgeoning market.