July 16, 2024

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The Turkish cryptocurrency community is ready to put the proverbial adage “the bear market is an opportunity to grow” into practice by making Istanbul the country’s commercial center and the center of the worldwide Ethereum adoption craze.

Turkey is one of the most active nations in the cryptocurrency and blockchain industries. Its interest goes beyond market fluctuations as the local community also includes university clubs, Web3 startups, blockchain developers, and researchers, in addition to a sizeable base of crypto investors. The nation has hosted important events like ETHIstanbul (1), Blockchain Economy Istanbul, and Istanbul Blockchain Week, all striving to push the industry to new heights.

According to economist Erkan Öz (2), Turkey’s high inflation rate is the primary factor driving the country’s growing interest in cryptocurrencies. However, most Turks believe they can no longer purchase a car or a home using the traditional financial system. As a result, interest in cryptocurrencies is growing daily.

However, he also pointed out that the adoption of cryptocurrencies has not yet been fully reflected in blockchain startups or projects due to the lack of sound regulations for meeting ecosystem needs. Turkey should set up a legal framework that will help to both protect investors and support blockchain and cryptocurrencies as much as possible.

The thriving local crypto ecosystem also has a newly discovered ambition that unites Bitcoin maximalists with “Shibarmy” (3) troops who brought DevCon 7 (4), the largest conference for the Ethereum ecosystem, to Istanbul. The movement was also supported by important local figures, and it quickly attracted large numbers of followers.

The trending hashtag “#DevconIstanbul” has recently appeared next to Turkish ecosystem players’ names on Twitter. This initiative is rooted in the digital world, but it didn’t take long for it to spread into the physical world, with the most recent example being ETHIstanbul’s After Merge Party.

Despite this and the rapidly expanding cryptocurrency adoption, Turkey lags in terms of startups and developers. Turan Sert (5), the author of two Turkish books—one about blockchain and the other about decentralized finance—argues that while the start may have been delayed, the growth has been quick, with the main driver being the influence of successful student clubs abroad and their resonance in Turkey.

Sert said that the success of student organizations focused on blockchain and cryptocurrency at international events had significant effects and helped Turkey produce more developers.

After several delays, Tansel Kaya, a professor at Kadir Has University and the CEO of Mindstone, announced that DevCon would take place in Bogota (6) this year from October 11 to 14. He stressed the significance of bringing the event to Turkey for talented students who would otherwise not have the chance to attend such events.

The desire, according to Kaya, is for the student and software developer communities in Turkey to meet up at DevCon events, but traveling overseas is not always convenient. She said,

“If students can’t travel abroad, why not bring it here?”



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