The Turkish Lira is in a nosedive. According to the Turkish President Recep Tayyip Erdogan called on the population to replace existing reserves in the Euro and the US Dollar in the currency of the country. Apparently, many Turks to turn to instead, Bitcoin and other crypto-currencies.
It has been shown that economically-stricken countries put their hope in Bitcoin & co. Venezuela and Iran are two well-known examples. At the beginning of the year, there were also in Turkey, Considerations of a possible own crypto-currency, the Turkcoin. However, it remained as yet vague ideas. The current currency crisis is now resulting in a heightened crypto interest in the Turkish population.
No confidence in the Fiat currency
International investors are concerned. President Recep Tayyip Erdoğan takes more and more influence on the Central Bank, while it manages to pay off the national debt. In addition, the tense situation between the United States and Turkey, worsened. A the end of the dispute is not in sight. According to the exchange rate of the Turkish Lira behaves: Since the beginning of the year, the Turkish currency has lost more than a third of their value. While the Turkish Lira thus, on 10. August reached its historical Low, it is still Erdogan, to take the people of his Worries. Instead, he called on the population to savings in euros or US dollars, as well as existing Gold in the Lira exchange, in order to support the country’s own currency.
Many Turkish investors, however, seem to trust in the country to have its own Fiat currency is lost. The Turkish crypto-exchanges Paribu, BtcTurk and Koinim to have a volume growth of more than 100 percent. According to CoinDesk, other crypto exchanges are sprouting daily from the Turkish soil. Experienced crypto users, who wish to remain anonymous, told the news portal that would increasingly turn to relatives and family to you to learn how to acquire crypto currencies. Given the current weakness of the Lira they felt with Bitcoin & co. safe.
So far, no legal obstacles stand in front of the Turkish crypto-enthusiasts. The fear of possible sanctions by the crypto-trade by the Turkish government increases proportional to the growing interest in Bitcoin & co.