BtcTurk CEO steps down from major Turkish crypto exchange:
Ozgur Guneri, the CEO of Turkish cryptocurrency exchange BtcTurk, announced his resignation after leading the company’s business operations for seven years. According to Bloomberg, this management change coincides with BtcTurk’s planned expansion into Africa, the Asia-Pacific region, and Latin America as part of its goal to become a global crypto exchange.
BtcTurk founder Kerem Tibuk will take over as CEO, while Guneri will remain with the company and serve on the board of directors.
Hyperinflation Drives Crypto Demand in Turkey
Cryptocurrencies have gained traction in Turkey as an alternative to the country’s fiat currency, the Lira, which has been plagued by soaring inflation. In 2024, Trading Economics reported that the Lira’s annual inflation rate cooled to 71.6%.
Despite the suppressed price of Bitcoin (BTCUSD) against the US dollar in December 2023, Bitcoin reached all-time highs against the Egyptian pound, Turkish Lira, Argentine Peso, and Nigerian Naira during the same period. These fiat currencies are known for high inflation, prompting local populations to adopt Bitcoin and other digital currencies to protect their purchasing power.
Chainalysis’ 2024 Crypto Spring Report revealed that Turkey had the highest percentage of dollar-pegged stablecoin usage relative to its gross domestic product (GDP) of any country. Analysts from Chainalysis suggested that Turkey’s high stablecoin usage indicates a population seeking refuge from monetary debasement.
Turkish Government Develops Central Bank Digital Currency
In 2023, the Turkish central bank released a progress report on the research and development of a central bank digital currency (CBDC). The report highlighted the testing of the digital identity system, wallets, and methods of account abstraction to streamline the user interface in the first phase of the R&D process.
However, a digital version of the Lira will not address inflationary concerns, as any central bank digital currency does not change the underlying fundamentals of centrally managed fiat with no supply cap.
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