Despite having a masters degree and a stable job, a middle-class lifestyle has felt increasingly unobtainable in recent years for Orhan, a 39-year-old Turkish web security expert.
Frustrated by his rapidly eroding purchasing power, Orhan last year joined the millions of Turks who have flocked to cryptocurrencies amid soaring inflation and a plunge in the Turkish lira.
“The lira is as volatile as a shitcoin,” he said, referring to the catch-all term among crypto enthusiasts for failed digital currencies. The lira plunged by about 45 per cent against the dollar in 2021. “When there are so many economic problems [in our country], people are looking for other ways to make money,” said Orhan, who did not want his second name published.
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