Home » In December, 60% of fiat deposits on Binance were reportedly made in Turkish lira

In December, 60% of fiat deposits on Binance were reportedly made in Turkish lira

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Turks are confirming their growing interest in crypto-currencies, in the face of a steadily falling fiat currency. They accounted for the majority of currency deposits on the Binance platform last December. In total, 7.7% of the country’s inhabitants are said to own cryptocurrencies.

A mass of Turkish lira deposits on Binance

As journalist Gregory Raymond pointed out yesterday, Kaiko data shows that the Turkish lira (TRY) accounted for more than 60% of deposits on Binance over the past month, significantly outperforming the euro:

Share of fiat currencies on Binance (Source: Kaiko)

Share of fiat currencies on Binance (Source: Kaiko)


The evolution has been particularly clear since the beginning of 2021. This is also confirmed by other indicators. As an analysis by Kaiko shows, the volume of TRY/USD trade has exploded in recent months, keeping pace with the fall of the Turkish lira, which plummeted by -40% between September and December 2021:

TRY-BTC trade volume and TRY price (Source: Kaiko)

TRY-BTC trade volume and TRY price (Source: Kaiko)


Just over a fortnight ago, Reuters noted that Turks were now making more than one million transactions a day. In total, 16% of the world’s cryptocurrency users are said to come from Turkey, according to CoinMarketCap. This makes the country the 4th largest territory in terms of cryptocurrency users.

Save-you-from-cryptocurrencies

The rush to cryptocurrencies is a lifesaver: the TRY has lost more than 90% of its value since 2008, and inflation for 2021 has been particularly high: 36%.

According to Kaiko, what is happening in Turkey will spread elsewhere. This would cement the status of cryptocurrencies as a store of value in countries in crisis:

“What we’re seeing in Turkey has happened many times before, and this is perhaps the best argument for decentralised, manipulation-resistant cryptocurrencies. “

In the face of this, Turkish President Recep Tayip Erdogan did try to control this rush into digital assets: last September he declared himself “at war with crypto-currencies”. But this is clearly not enough, and a trend is now being confirmed elsewhere. It is countries in crisis that are showing the most natural adoption of crypto-currencies, with uses that go far beyond mere speculation.

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