Cryptocurrency News

Turkey Citizens Turn To Bitcoin As Lira Declines

Bitcoin is gradually making its way to the top to become one of the top currencies globally as the dollar is taking a little beat down. Even though the digital asset has not been accepted by all, some countries have turned to the asset as a hedge against inflation and currency decline.

In a new twist of date, the Turkish Lira is again on the path to decline after the currency further lost about 15% of its value against the US dollar. All this is coming after the turkey president sacked Naci Agbal and replaced him with Sahap Kavcloglu as the new governor of the country’s Central Bank.

Lira falls by 15% after Central Bank governor’s sack

This is not the first time that Lira would be reacting to the high rate of inflation in the country, with the previous fall against the dollar coming close last year, where it recorded a 23% decline. To help the currency, the now sacked increased interest rates across the country. However, the move did not go down well with the president as he showed his displeasure times without numbers.

Most analysts have even told several local stations in the country that it was because of this feud between them that the president axed the bank’s previous head. In a recent update across the country, their Google Trends has signaled that the country’s citizens plan to look into a digital asset, Bitcoin.

The update showed that their recent searches for the digital asset have peaked and are now signaling popularity amongst the country’s citizens. A deeper look at the statistics showed that most of the searches came from the poorest parts of the country. With the Lira once again on the decline, the provinces that searched for Bitcoin included Diyarbakir, Hakkari, and Batman, making up the top three.

Impoverished provinces are now turning to Bitcoin

In another report, a representative has mentioned that the country is set out to penalize any party that defaces the currency of the country. He said the law was added to the Turkish Lira protection law. The anonymous party further said that their investment had seen a remarkable gain due to the high rate of tardiñg activities carried out in the country. He positions that most people would be forced to turn to digital assets as alternatives to what is happening in the country.

He said that young people are now treating Bitcoin as gold and are now buying up the digital assets any chance they get to make profits amid the country’s dying currency. The previous governor was said to have been removed by presidential decree after the president was not impressed with how he raised interest rates across the country.

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