THE CRYPTO KING OF THE MIDDLE EAST...!
Who is the king of Crypto...?
Now , if you are following along about the adoption of crypto currencies and activities related to that then you might be knowing that the trend for the same has been at peaks and breaked records number of times.
Today we will be talking about the country among the middle east with the maximum adoption of Crypto currencies.
So any guesses which country might have topped the list...?
Well the country is Turkey , yes you heard it right the country and the undisputed cryptocurrency king of the Middle East is non other than Turkey.
Turkey has been significantly adopting digital assets at much more higher rates than its neighboring countries.
Turkey is Beautiful country , isn't it...? anyways , another fact about the country is that it ranked at 29th position out of 154 Countries listed on Chainalysis Global Crypto Adoption Index.
And at rank 1 when it comes to middle east countries.
The country is like a heaven when it comes to the adoption of cryptocurrency and the major reason for this is the uncertainty of turkey's economic condition.
Though there are no cryptocurrency regulations in the country but soon a framework will be developed by CMB for the proper exchanging activities related to crypto.
The most common currency trade of lira is for Bitcoin itself.
Also an amazing fact is that despite of low adoption rate in other middle east countries they are still ahead of Turkey when it comes to regulations , government acceptance and promotion.
The main reason behind this could be the broken economic condition of turkey that has been weakening the country's own currency LIRA . The currency hits it's lowest downfall of 20% this year making it the third weakest currency in the world.
Also this is the reason why people have exchanged Lira for Bitcoin as the currency (Lira) continues to fall whereas investing in Bitcoin will definitely give them profit.
That's it for this blog friends , see you soon with my next post.