How Bitget Is Winning Big in Turkey’s Crypto Boom
In Brief
Bitget COO Vugar Usi Zade discusses Turkey’s economic challenges and tech-forward culture as a natural ground for crypto adoption, sharing personal stories and observations on 2030.
Did you know that Turkey’s legendary Grand Bazaar had crypto OTC desks as far back as a decade ago? In this interview, Bitget COO Vugar Usi Zade talks about how Turkey’s economic challenges and curious, tech-forward culture have made it a natural ground for crypto adoption. He shares personal stories, observations from the front lines, and his thoughts on where things are heading by 2030.
Can you please share your journey into Web3?
My journey into Web3 started back in 2017 when I sold my company. When a twenty-something-year-old suddenly gets some money, of course, I wanted to buy a fancy car and a nice apartment. But my bank gave me a hard time. I had to hire a lawyer to prove the money was mine, and every time I wanted to move it, I had to pay hefty fees and taxes. I got so tired of that system that I decided to “debank” myself and invest most of my money into crypto. I wanted the freedom to move my money around and use it how I wanted without paying excessive fees.
Also, my parents live abroad, and I was tired of paying huge fees to Western Union or banks to send them money. My mom lives in Istanbul, and discovering stablecoins allowed me to send her money at a fraction of the cost. That opened a new door for me.
Eventually, I ended up working at top crypto companies, and two and a half years ago, I was appointed COO of Bitget. Since then, we’ve grown the company from 12 million users to 120 million today, making us the second-largest exchange in the world.
I’m proud of this journey. While many come to crypto to make money, my journey was about not losing money—it’s a different mindset and learning curve. I feel lucky to have discovered crypto.
Why do you believe Turkey has become such a strong test case for global crypto adoption?
As someone very familiar with the Turkish economy and lifestyle, I can say that even ten years ago, in Kapalıçarşı, one of the world’s largest and oldest bazaars, there was already an OTC desk buying and selling crypto. Turkish people have always been inventive and curious.
But more importantly, due to the economic situation, particularly the inflation rate, which is around 90%, people had to find new ways to save money. Trust in stablecoins and the U.S. dollar grew quickly. As people started holding USDT in their wallets, they also became more curious about the wider crypto market, investing in Bitcoin and Ethereum.
Eventually, many began exploring meme tokens. Turkish people are adventurous, and if they see a token with a 10x or 20x return, they get interested. So initially, it was about hedging against inflation, but it evolved into full-blown participation in the crypto market.
How has the average Turkish crypto user evolved over the past two or three years?
Initially, Turkish users were cautious. Most just held stablecoins and didn’t take risks. But then came a wave of risky trading, especially with meme tokens and SADA. Due to the communal culture, people followed each other’s behavior. If someone’s neighbor made a 10x profit, others jumped in, too.
This led to some gambling-like behavior with no real investment strategy. But today, we see that things have stabilized. Users are more focused on dollar-cost averaging with Bitcoin and following global trends. The top ten tokens, like Ethereum, Bitcoin, and Solana, are doing really well. We’ve moved from chaotic investing to a more thoughtful approach.
Still, meme tokens, what I call lottery tickets on-chain, are popular. But overall, Turkish users now make smarter decisions and allocate 70–80% of their portfolio to top tokens, with only 5–10% in riskier assets.
Have you seen a measurable impact of education on user behavior regarding long-term holding or self-custody?
Yes, absolutely. On both local and global levels, we’ve seen growth in long-term holding strategies. Today, even large banks in Turkey offer exchange services or investment advice. This has encouraged users to invest more wisely, focusing on top market cap tokens.
When it comes to self-custody, we’ve also seen an increase. It’s not just because users suddenly became more educated but also due to new regulations. Some users want more access to on-chain activities, so they’ve moved from centralized exchanges to self-custody wallets.
For comparison, Bitget lists around 600–700 projects. However, through self-custody wallets and decentralized exchanges, users can access half a million different tokens. As users become more educated, they often look for unique opportunities beyond mainstream assets.
What specific initiatives has Bitget launched in Turkey to support user onboarding and education?
Our interest in Turkey has been growing for the past 2–3 years because it’s an educated market with huge potential. One of our proudest moments was in 2024 when we sponsored three Turkish athletes, Buse Tosun Çavuşoğlu, Samet Gümüş, and İlkin Aydın, for the Paris Olympics. Buse even came back with a medal.
It was more than a marketing move. It was about connecting with the Turkish nation during a proud moment. Since then, we’ve done many local activations, partnered with influencers and media, and continued to strengthen our presence.
With 120 million users globally, many from Turkey, Bitget is evolving from a crypto brand into a lifestyle brand. Our new Bitget Pay allows merchants to accept crypto payments in local stores, and we’re exploring partnerships in the music industry too.
You’ve worked across user growth, product, and macro-level finance. What has surprised you most about the Turkish market?
Two things. First, Turkish people are extremely open to new technology. In many countries, people resist change. In Turkey, it’s the opposite, people are curious and eager to try new products.
Second, they have very high expectations. It’s a competitive market. If you succeed in Turkey, you can replicate that success anywhere. That’s why we only launch products when they’re near-perfect. Turkish users give us invaluable feedback, helping us constantly improve.
Is there tension between centralized platforms and the core values of decentralization, especially in emerging markets?
It’s more of a cycle than a tension. Centralized exchanges are becoming more bank-like, while banks are offering centralized exchange services. On the decentralized side, we offer Bitget Wallet, now the most downloaded wallet, surpassing MetaMask and TrustWallet.
Retail users prefer decentralized platforms for exploring tokens, while institutional users rely on centralized services for security and reliability. It’s about flexibility, users can switch between systems depending on their needs. Ideally, we want people to live on-chain without ever needing to use fiat or banks.
What does a “safe haven” mean today in an economy like Turkey’s? Is it BTC, stablecoins, or something else?
I don’t believe in “safe havens” anymore. Crypto is no longer niche, it’s becoming regulated and compliant. That’s great because it allows people to legally earn, pay taxes, and use digital assets in daily life.
Turkey still has a long way to go, especially with stablecoin regulation. Right now, crypto is treated as an investment tool rather than legal tender. Capital gains are taxed, but everyday spending is heavily taxed too. For example, registering a foreign phone can cost as much as the phone itself.
Crypto offers a simpler alternative for investing, earning, and holding assets compared to the traditional banking system.
Could growing reliance on stablecoins create systemic risk, or is it a stabilizing force?
Today, most money is already digital. People get paid on cards and tap to pay for everything, but the legacy banking system is slow and expensive. Crypto can fix that. For example, using Bitget Pay on the BNB chain has zero fees. Even on Tron, fees are under $1.
Crypto payments are instant, lowering merchant cash flow issues and reducing commission fees. If we treat stablecoins like traditional currencies, we can achieve faster, cheaper, more efficient transactions. For end-users, it’s about simplicity—they want speed and affordability, not complexity.
How do you envision crypto fitting into daily life in countries with broken financial systems?
In countries like Venezuela, Latin America, and Turkey, adoption wasn’t about hype; it was about necessity. High inflation, lack of trust in banks, or sanctions pushed people to crypto.
In the next few years, payments will be key. People won’t care how it works—only that it solves their problems. Just like Apple Pay became ubiquitous, crypto payments will become part of our daily routines. We’ll scan, tap, and pay without thinking twice.
If you had to make one bold prediction about crypto in Turkey by 2030, what would it be?
Turkey’s biggest issue is traceability, whether it’s government spending or tax compliance. If the government puts everything on-chain, we’ll see a big shift from the shadow economy to the formal one.
I believe we’ll see tokenized real estate in Turkey, attracting foreign investment and enabling citizens to own fractional property. If that happens, 5–10% of the real estate market could be tokenized. Real estate is the largest asset class in Turkey due to economic conditions, and tokenization would revolutionize access.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
