Turkish Citizens Massively Buy Bitcoin

Many mass media began to publish news about the growing currency crisis in Turkey. In particular, Bloomberg published today data on the relatively low level of bitcoin volatility. The publication allowed to show a complete devaluation of the Turkish national currency.

The material entitled "Turkey Meltdown Propels Lira Volatility Above Bitcoin" states following:

“The 10-day swings in the lira relative to the U.S. dollar now exceed those for Bitcoin amid Turkey’s escalating currency crisis,” Bloomberg reports.

Now, the interest of Turkish citizens in cryptocurrencies has really increased. The matter is that since January, the Turkish lira has fallen in price in relation to dollar and because of a number of geopolitical factors has depreciated to a record minimum.

According to Google Trends, interest in bitcoin among the residents of Turkey has increased significantly in early August. While the sales of cryptocurrency at local trading platform increased by 150%, just the other day.

Due to the fact that the government plans to introduce control over the capital, the legal status of digital assets in Turkey remains uncertain. Today, the official position of the country is expressed in the fact that bitcoin can't be compatible with Islam. At the same time, Turkish crypto exchanges continue to receive bank support.

Experts suggest that if the economic situation in the country doesn't stabilize, interest in bitcoin will only increase.

#Turkey, #cryptocurrency, #bitcoin