Contribution short abstract:

This paper draws on ethnographic research in Turkey in 2021-2022 to examine the rise of cryptocurrency trading at times of crisis.it argues that the transition from material forms of money (such as gold and cash) to digital forms represents a shift in the perception of the materiality of money.

Contribution long abstract:

This paper draws on ethnographic research in Turkey in 2021-2022 to examine the rise of cryptocurrency trading at times of crisis. it argues that the transition from material forms of money (such as gold and cash) to digital forms represents a shift in the perception of the materiality of money between the people while still being driven by the same ideals, coinciding with technological advancements. Money inherently involves accumulation and circulation, and the moral economy of money relies on these hierarchies, whether they are established or perceived. Digital technologies, such as smartphone apps and social media platforms like Telegram and Instagram, have facilitated the social networks required for the circulation of money through speculative activities. However, they have not eliminated the fact that wealthier individuals tend to accumulate even more wealth. Instead, they have altered the means by which people participate in economic and financial circulation through virtual space. Additionally, social media has become an integral part of engaging in speculative activities like cryptocurrency trading, including social media influencers, recognized as such by their followers who share tips and insights on how to speculate. Building credibility in these speculative markets is heavily dependent on amassing a large number of followers, which, in turn, enhances an influencer's reputation and influences participation in the speculative activity.