Local experts believe that the Turkish crypto and blockchain ecosystem is working to develop during the bear market.
The Turkish people’s crypto ecosystem is enthusiastic about growing in the bearish market due to their belief that “The bear market is an opportunity to build.” Furthermore, they are optimistic about making Istanbul the business hub of Turkey and home to the global hype surrounding Ethereum.
Although Turkey has a considerable base of crypto investors, their local community also consists of university clubs, Web3 startups, blockchain developers, and academics.
In the words of economist Erkan Öz, the high inflation rate is a crucial driver behind Turkey’s growing interest in crypto assets. However, he stated that they hadn’t wholly converted their crypto adoption to blockchain startups or projects due to a lack of healthy regulations to sustain the ecosystem.
He said that a legal infrastructure should be established by turkey, which will protect both the investors and support blockchain and crypto assets as soon as possible. Despite the rapidly growing crypto adoption, Turkey lacks startups and developers.