{"id":285682,"date":"2021-03-23T04:09:26","date_gmt":"2021-03-23T08:09:26","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=285682"},"modified":"2021-08-03T13:45:19","modified_gmt":"2021-08-03T17:45:19","slug":"bitcoin-searches-rise-in-turkey-as-lira-plunges","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-searches-rise-in-turkey-as-lira-plunges","title":{"rendered":"Bitcoin Searches Rise in Turkey as Lira Plunges"},"content":{"rendered":"

The Turks seem to be turning towards Bitcoin following the recent drop in the value of the Turkish Lira. The Lira dropped by 14% over the weekend which caused a lot of people to explore the possibility of investing in Bitcoin and other crypto-assets.\u00a0<\/span><\/p>\n

Bitcoin Searches And Lira\u2019s Drop<\/b><\/h2>\n

Data<\/span><\/a> received from Google Trends showed a 566% spike in Google searches for Bitcoin (BTC) that emanated from Turkey. This was barely a few hours after the value of the Turkish Lira plunged. This is becoming a trend in countries where the fiat currency loses value, as residents look for assets to preserve their wealth.<\/span><\/p>\n

The currency tumbled after Turkey\u2019s President Recep Tayyip Erdogan sacked the country’s central bank governor, Naci Agbal. This move by the President was surprising to many as Agbal had played a vital role in pulling the lira back from historic lows. He was said to have been raising interest rates to fight an inflation rate running above 15%.<\/span><\/p>\n

Local and Foreign investors have expressed their shock over Agbal\u2019s removal as they raised concerns about the currency and the impact of Turkey’s borrowing costs on the economy.<\/span><\/p>\n

There have also been concerns around the newly appointed governor, \u015eahap Kavc\u0131o\u011flu. There is a section of the populace who believe Kavc\u0131o\u011flu might not uphold the progress the former governor created. Kavc\u0131o\u011flu who is a former banker and ruling party lawmaker is said to oppose the use of high-interest rates to fight inflation.<\/span><\/p>\n

The Fight For The Turkish Currency<\/b><\/h2>\n

The increase in the number of Bitcoin searches by Turkish citizens is at an all-time high to date. It represents almost double the number of searches recorded during the bull run of 2017\u20132018.<\/span><\/p>\n

Recall that in 2018 Turkey had faced an economic <\/span>crisis<\/span><\/a> which made Turks see their life savings, pensions, and investments significantly devalued due to the currency plunge.\u00a0<\/span><\/p>\n

With such a plummeting national currency and fluctuating prices, it\u2019s no wonder Turks would consider investments set apart from state-regulated institutions, like Bitcoin even with the given risk and volatility.<\/span><\/p>\n

The lira lost half its value since the 2018 currency crisis.<\/span><\/p>\n

According to Goldman Sachs, last year, Turkish banks spent more than $100bn of the nation\u2019s foreign reserves to support the sinking currency. That prompted calls by Turkish opposition for a judicial probe into the nation\u2019s official reserves.<\/span><\/p>\n

Meanwhile, the appointment of Sahap Kavcioglu which was made in the early hours on Saturday, marks the third time since mid-2019 that President Erdogan has abruptly fired a central bank governor.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Turks seem to be turning towards Bitcoin following the recent drop in the value of the Turkish Lira. The Lira dropped by 14% over […]<\/a><\/div>","protected":false},"author":1770,"featured_media":109053,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[734,5311],"acf":[],"yoast_head":"\nBitcoin Searches Rise in Turkey as Lira Plunges - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The Turks seem to be turning towards Bitcoin following the recent drop in the value of the Turkish Lira.\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285682\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Searches Rise in Turkey as Lira Plunges\" \/>\n<meta property=\"og:description\" content=\"The Turks seem to be turning towards Bitcoin following the recent drop in the value of the Turkish Lira.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-23T08:09:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-03T17:45:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/02\/BNC-Turkey-SQ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1155\" \/>\n\t<meta property=\"og:image:height\" content=\"1134\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285682#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285682\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Bitcoin Searches Rise in Turkey as Lira Plunges\",\"datePublished\":\"2021-03-23T08:09:26+00:00\",\"dateModified\":\"2021-08-03T17:45:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285682\"},\"wordCount\":434,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285682#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/02\/BNC-Turkey-SQ.jpg\",\"keywords\":[\"Bitcoin\",\"turkey\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285682#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285682\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285682\",\"name\":\"Bitcoin Searches Rise in Turkey as Lira Plunges - 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