Minister of Treasury and Finance Mehmet Şimşek evaluated the preferences of individual investors in Turkey and drew attention to the risk of cryptocurrencies. Şimşek stated that there are 22.1 million crypto accounts across the country, and that investors are largely turning to the riskiest areas.
“Crypto is actually a software,” said Şimşek, adding that the basis of these assets is based on an algorithm and there is no concrete provision behind it. “Someone sits down, writes an algorithm and sells it to you. That's the summary,” he said.
Şimşek, who stated that the stock market carries less risk, said that stocks represent partnerships in companies and that these companies have real assets. Şimşek said, “At least there is a real asset in the stock market. Therefore, the stock market is less risky.”
*This is not investment advice.
