Bitcoin Hits New All Time High In Turkey As Lira Slides 15%

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Last Updated on 24 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The Turkish Lira dropped 15% this week when President Recep Tayyip Erdogan declared in a speech that his country was fighting an ‘economic war of independence’. As a result, the currency that some 85 million people in his nation use for their daily consumption has now lost 40% versus the American dollar and a similar percentage versus the Euro, making overseas goods quite un-payable.

The only difference is that Bitcoin soared on Istanbul’s crypto exchanges to a new all time high as Turks are eagerly looking for safe havens to store their wealth.

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Michael Saylor, CEO of MicroStrategy and an advent Bitcoin supporter, declared last week already that:

The currency has lost a third of its value since March and declined for nine consecutive years. Conversion from TRY to USD will merely slow the collapse, while adoption of BTC will reverse the damage & revitalize the economy.

Analyst Lex Moskovski agreed with him, pointing out that Bitcoin hit and all-time-high in Turkish lira and then stating that:

Central banks are just Bitcoin marketing departments.

Although this is basically good news for Bitcoin and the cryptosphere, it should also serve as a warning for developed economies that mass printing of fiat currencies can lead to serious deflation.

CNBC claimed in summary that:

Inflation in Turkey is now near 20%, meaning basic goods for Turks — a population of roughly 85 million — have soared in price and their local currency salaries are severely devalued.

As one Twitter commentator pointed out, given Erdogan’s bad run of central bank governors, it is not surprising Turkey has been leading in Bitcoin adoption for several years now.