In a surprising turn of events, Ozgur Guneri, the CEO of Turkish cryptocurrency exchange BtcTurk, has announced his resignation after seven years of leadership. This announcement comes as BtcTurk gears up for an ambitious expansion into Africa, the Asia-Pacific region, and Latin America, aiming to establish itself as a global player in the crypto market.
Guneri will not be leaving the company entirely; he will transition to a role on the board of directors. The founder of BtcTurk, Kerem Tibuk, is set to take over as CEO, steering the company through its next phase of growth.
The demand for cryptocurrencies in Turkey has been driven by hyperinflation, which has significantly devalued the Turkish Lira. Despite a slight decrease in inflation to 71.6% in 2024, the Lira remains volatile. This economic instability has led many Turks to seek refuge in digital currencies like Bitcoin, which hit all-time highs against several inflation-prone fiat currencies, including the Turkish Lira, Egyptian pound, Argentine peso, and Nigerian naira, despite a drop in its value against the US dollar in December 2023.
According to Chainalysis’ 2024 Crypto Spring Report, Turkey boasts the highest usage of dollar-pegged stablecoins relative to its GDP, highlighting a population desperate to escape monetary debasement. Analysts believe this trend indicates a significant shift towards cryptocurrencies as a means of preserving purchasing power.
Meanwhile, the Turkish government is exploring the development of a central bank digital currency (CBDC). A 2023 progress report from the Turkish central bank detailed the initial phases of testing a digital identity system, wallets, and account abstraction methods. However, experts argue that a digital version of the Lira will not resolve underlying inflation issues, as it does not alter the fundamental nature of a centrally managed fiat currency without a supply cap.
Get exclusive insider access to daily market intel reports across web3 –lifetime NFT access.