After inflation exceeds 50%…the Turkish lira is falling against Bitcoin
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Answer After inflation exceeds 50%…the Turkish lira is falling against Bitcoin
The Turkish lira fell against Bitcoin, hovering around a two-month low after data showed annual inflation soared in February.
Coingecko data showed that the lira lost about 12% against the world’s largest cryptocurrency this week.
The Turkish lira, which is currently trading for 1 Bitcoin, also lost ground at around 560,366.75.
Inflation accelerated to a record 54% in February, data from Tradingeconomics showed, while weekly volumes on BtcTurk, one of Turkey’s largest cryptocurrency exchanges, topped $2 billion.
Turkish inflation has risen significantly since last year, largely due to President Recep Tayyip Erdogan’s unorthodox stance on monetary policy, which has led the Central Bank to cut interest rates despite rising prices.
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Rising inflation has played a major role in undermining Turkey’s financial stability, prompting its residents to protect their wealth through cryptocurrencies.
Rising inflation fuels cryptocurrency adoption:
Last year, during Turkey’s currency crisis which saw a significant devaluation of the lira, trading on major Turkish cryptocurrency exchanges exceeded 1 million trades per day.
This trend appears to have extended into this year, according to a report from the newspaper “financial times”.
While the use of cryptocurrencies for payments is prohibited in Turkey, it is legal to invest in these assets.
The rise in popularity of cryptocurrencies, coupled with the collapse of one of the largest trading platforms last year, has led the government to speed up its steps in drafting laws regulating the cryptocurrency market.
According to a recent report by the research firm Chainalysis, Turkey has the largest volume of crypto transactions in the Middle East.
Countries with high inflation and weak currencies have seen an increase in cryptocurrency adoption in recent years.
Venezuela switched to cryptocurrency, creating its own cryptocurrency “Petro”, after the collapse of the Bolivar and the collapse of the economy in 2019.
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