{"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 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 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":"Bitcoin Searches And Lira\u2019s Drop<\/b><\/h2>\n
The Fight For The Turkish Currency<\/b><\/h2>\n