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Free Fall Turkish Lira: Time for Plan B?


 

The national currency of Turkey is devaluing so much that Bitcoin is already trading there at an all-time high. Time for plan ₿?

The message could read: “Bitcoin hits all-time high”, but that would be misleading. Because the rate of the crypto key currency is typically measured in US dollars. However, it would not be wrong. Because Bitcoin is actually chasing one all-time high after the other these days - but in Turkey. A unit of digital gold costs around 773,291 Turkish Lira (TRY) in the country on the Bosporus at the time of writing. For comparison: A month ago the price was 625,000 TRY - an increase of 25 percent within 30 days. In the same period, Bitcoin was measured in USD by 21 percent fell. In other words: Despite a flagging Bitcoin rate, digital gold in the Turkish Lira is recording new highs.


Even if some Bitcoiners may be mischievously happy: The decline of the Turkish national currency due to political banter is a tragedy. Crypto influencer @TheCryptoDog aptly sums up what is happening.

Because despite all the joy for those who seek their salvation in deflationary money, the majority of the Turkish population should currently has little to laugh about. The currency has been in free fall for months. In the last 12 months alone, the lira has lost around 50 percent of its value. Viewed clearly, this means that goods in the country are becoming more and more expensive - especially imported goods. The savings are also vanishing into thin air.

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