Local analysts claim that the Turkish blockchain and cryptocurrency ecosystem is making significant progress amid the current bear market.

The Turkish cryptocurrency community is quite keen to use the proverbial adage “The bear market is an opportunity to grow,” in order to bring Ethereum’s global boom to Istanbul, the country’s commercial center.

One of the most active nations in the blockchain and cryptocurrency space is Turkey, and its interest goes beyond simple market trends. The local community is made up of university clubs, Web3 startups, blockchain developers, and researchers in addition to a sizeable number of cryptocurrency investors. The nation hopes to accomplish more, having already held notable events like ETHIstanbul, Blockchain Economy Istanbul, and Istanbul Blockchain Week.

The thriving local cryptocurrency community has a new goal that unifies “Shibarmy” troops and Bitcoin maximalists: bringing DevCon 7, the biggest conference for the Ethereum ecosystem, to Istanbul. With the help of important local individuals, the movement quickly attracted a sizable following.

You can now find the hashtag #DevconIstanbul next to the names of people in the Turkish ecosystem on their Twitter profiles. ETHIstanbul’s After Merge Party is the most recent example of how the movement, which has its roots in the internet world, quickly spread into physical reality.

Despite the rapidly expanding popularity of cryptocurrencies, Turan Sert, the author of two Turkish books on blockchain and decentralized finance (DeFi), claims that Turkey lags behind in terms of companies and developers:

“We started late, but we are growing fast. The main reason for this is student clubs—the success of student clubs abroad and their resonance in Turkey.”

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