Bitcoin searches in Turkey spike 566% after Turkish lira drops 14%

[madenci_34]

Searches for Bitcoin emanating from Turkey exploded after news broke regarding the 14% plunge in the value of the Turkish lira.

Google searches for Bitcoin (BTC) emanating from Turkey exploded in the past 24 hours, after the value of the Turkish lira dropped 14% following the firing of a central bank governor.

According to data from Google Trends, the number of searches for Bitcoin spiked 566% in the hours immediately following news of the lira’s demise.


Bitcoin searches from Turkey over 24 hours. Source: Google Trends
The lira’s value dropped 14% in a flash dip after Turkey's President Erdogan fired the governor of the country’s central bank. Former governor Naci Agbal had been credited with pulling the lira out of historic lows, partly by raising interest rates to fight inflation. His abrupt removal was said to have shocked domestic and foreign investors, reports BBC News.

The Turkish lira regained a fifth of its value against the U.S. dollar since the beginning of 2021 alone. The recent 14% plunge was triggered by concerns that the progress made by Naci Agbal could be undone by the appointment of the new governor, Şahap Kavcıoğlu, a banker and politician who is said to oppose the use of high interest rates to fight inflation.

The uptick in the number of Bitcoin searches by Turkish citizens is an all-time high to date, representing almost double the number of searches recorded during the bull run of 2017–2018.

It’s not just Turkish citizens who are taking a refreshed look at cryptocurrencies. At the beginning of March, Turkey’s Ministry of Treasury and Finance announced that it would work with the central bank in conjunction with regulatory bodies in order to lay down clear guidelines concerning the use of crypto.

“We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry,” announced the ministry at the time.

https://cointelegraph.com/news/bitcoin-searches-in-turkey-spike-566-after-turkish-lira-drops-14

[Richard_1]

It so often happens that when the national currency falls, then people try to save their savings by investing it in another currency. There is a lot of interest now in Bitcoin.

[TomPluz]

Bad news for Turkey can be good news for Bitcoin. Bitcoin can indeed be a good alternative to the fiat cash sponsored by the Turkish government especially at times of difficulties and crisis. I understand that with the current government of Turkey dominating the scenes for many years, its economy has suffered so many debacles and with this latest negative salvo am sure that more hardships can follow. People of Turkey better shield their wealth with Bitcoin and maybe other coins as well.

[Senin]

This is another evidence that people will seek refuge for their savings from the high inflation of national currencies by investing in cryptocurrency, and above all in bitcoin as the most famous and popular among cryptocurrencies. Well, this will be useful to everyone: people who have invested in cryptocurrency, and the cryptocurrency itself, and other participants in this market.