Mehmet Şimşek Discusses Cryptocurrency Trends in Turkey

Mehmet Şimşek, the Minister of Treasury and Finance of Turkey, addressed cryptocurrency topics at a recent event. He highlighted that both Putin and Trump are optimistic about the ongoing growth of cryptocurrencies. Particularly, Trump has pledged to make the U.S. a hub for cryptocurrency innovation. However, what insights did Şimşek share?

Turkey’s Cryptocurrency Regulations

The regulatory process concerning cryptocurrencies is gradually progressing in Turkey, clarifying many issues, especially related to exchanges. Measures implemented to protect investors have established general oversight and adequacy standards for exchanges. Moreover, the requirement for activity permits has introduced a certain level of security standards.

During the GENÇİZ event, Şimşek discussed the high-risk nature of cryptocurrencies compared to traditional exchanges.

“Currently, in Turkey, there are four major cryptocurrency platforms. One individual can hold multiple accounts, totaling 22.1 million crypto accounts. This indicates a strong interest in the riskiest sector.

Cryptocurrency is fundamentally software and algorithms. It is essentially someone selling you an algorithm. The stock exchange represents ownership in real assets, making it less risky compared to cryptocurrencies.”

Certainly, cryptocurrencies are extremely risky; however, considering that even the largest asset manager, BlackRock, has started offering Bitcoin $104,373 and Ether as ETFs this year, it suggests that major global players do not view crypto as something to avoid.

Popular Altcoins Among Turks

According to data from 21milyon.com, the four major exchanges mentioned by Minister Şimşek are popular for trading specific cryptocurrencies. XRP Coin ranks first due to testing 30-day volatility of over 400% against the TRY. USDT frequently appears at the top due to fluctuations in local currency and profit-taking activities. Assets like AMP and HBAR occasionally make the list, showcasing active community interest in Turkey.

TRON has attracted attention by reaching its all-time high, and assets like PEPE and LUNA are generally found among the top ten due to their high volatility. This data can be monitored freely and in real-time on 21milyon.com.