Crypto Currency News

Bitcoin boom in Turkey as its national currency plummets

In recent hours, the Turkish lira fell 15% and Turkey’s economy once again entered a period of despair. Over the weekend, President Recep Tayyip Erdogan fired the governor of the Central Bank, Naci Agbal, in principle for his decision to keep interest rates high.

Sahap Kavioglu, the brand new director of the agency, lowered rates immediately. Like Erdogan, he believes that this policy leads directly to inflation. However, the response of the local financial system was not as expected and the currency suffered a historical devaluation in a few hours.

Amid new financial tensions, immersed in a global economic crisis as a result of the corona virus pandemic and its respective restrictions, interest in Bitcoin (BTC) in Turkey grew considerably.

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The growing interest of small investors (in short, of the “common” citizenship) for digital assets in periods of crisis or sudden negative economic movements is no longer a surprise. What happened now in Turkey is nothing more than a replica of what has happened in Nigeria or Venezuela, where entrepreneurs see crypto currency as a multiple solution to their problems.

Investing in BTC, for these citizens, is not only attractive because of the constant growth of its price in recent months, but also because of the intrinsic characteristics of the crypto currency since its inception.

The decentralization of BTC “forever” erases the banks of the personal finances of these disbelieving citizens of the system. Even its foray into the emerging market comes to be seen as a revolutionary movement amid a scenario that for so many years has been unfavorable.

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