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Bitcoin is more popular among the Turks than ever before



A few days ago, the Turkish lira fell more sharply than it has for many years. Turkish investors are fleeing into the crypto world with their belongings - above all: in bitcoins.




The script is always the same and one of the main reasons why, according to many experts, deflationary cryptocurrencies such as Bitcoin are on the rise: The central bank-controlled fiat money of individual countries is devalued by above-average inflation, so that investors in deflationary assets such as Bitcoin are significantly better See investment opportunity.



A similar scenario has recently been playing out on the Bosporus. Because the Turkish lira has been struggling there for years with a strong devaluation spiral against other currencies. The central bank tries again and again to fight against the decline of the lira by raising key interest rates .


On the other hand, President Erdogan fears a further collapse of the economy and is increasingly in favor of interest rate cuts.


What the measure did shouldn't come as a surprise, as the lira has recently fallen sharply and has lost up to 14% against the euro within just one day. If we apply a longer observation period, a lira, measured in euros, is now only half as much as it was three months ago .


BTC has never been more popular with Turkish investors

Bitcoin has declined somewhat in the markets in the last few days, but in Turkey the coin is more popular than ever due to the flight of capital - a fact that President Erdogan also finds extremely worrying.


Measured in numbers, it cannot be denied that the rush for “virtual gold” - as Bitcoin is often called - is currently enormous.



According to the Turkish crypto exchange BtcTurk, a total of 1,100 BTC were bought between Tuesday and Wednesday of this week . This corresponds to the highest buying boost for Bitcoin that has ever been measured in Turkey within 24 hours.


Turkey is trying to counter the flight into Bitcoin

So it's no wonder that the Turkish government wants to decisively counteract this flight from its own monetary system. Only recently, President Erdogan announced - who is also known for his often pithy sayings - that his country is at war with Bitcoin .



The government has since taken several steps to address this conflict with the world's leading cryptocurrency. On the one hand, it is promoting the development of the digital lira, for example, in order to be able to offer citizens an alternative to the migration of capital into digital currencies.


The adaptation of a national crypto currency is, however, one of the most popular ideas in many countries to erode Bitcoin. What is usually left out of all these considerations, however, is the real reason why capital flight occurs in the first place - namely inflation.


Because as long as central governments can infinitely reproduce fiat money or digital offshoots of it, investors will not be enthusiastic about these continually self-devaluing currencies.


The second measure taken by the Turkish government, however, concerns the ban on Bitcoin . Since April of this year, it has been prohibited in Turkey to make crypto transactions.



However, all of this is likely to exacerbate people's loss of trust. Because without a decisive relenting of the central banks, Bitcoin is likely to record even higher numbers in the next few weeks.

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