Increasing interest in cryptocurrencies in advanced and developing countries: case of Turkey

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2022-12
Yılmaz, Burak Yunus
This thesis analyzes cryptocurrency adoption in Turkey by using structural equation modeling (SEM). Cryptocurrencies are one of the most novel topics in economics and it is aimed to understand the underlying reasons why people tend to use cryptocurrencies in Turkey. While analyzing cryptocurrency adoption in Turkey, it is attempted to provide comprehensive information about the evolution of cryptocurrencies worldwide and make a comparison between advanced and developing countries. People in advanced countries do not show interest in cryptocurrencies as much as in developing countries in favor of the existence of a strong economy. On the other hand, High levels of unemployment, inflation, and currency depreciation cause a higher interest in cryptocurrencies in developing countries. People approach cryptocurrencies as an alternative tool to protect their savings and gain far too much profit than conventional investments in developing countries. Six hypotheses are created to investigate the reasons for cryptocurrency use in Turkey, and three of the hypotheses were found statistically significant. High level of inflation, high level of volatility in the foreign exchange rate, and absence of tax implementation are the most common reasons underlying participants’ use of cryptocurrency in Turkey. Volatility in the price of cryptocurrencies and the risk of financial loss are the main reasons for people to stop using cryptocurrencies. It is concluded that if certain conditions are satisfied like an increase in the regulation level of cryptocurrencies, non-users could start to use them.

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Citation Formats
B. Y. Yılmaz, “Increasing interest in cryptocurrencies in advanced and developing countries: case of Turkey,” M.S. - Master of Science, Middle East Technical University, 2022.