According to Google Trends, searches for bitcoin rose 566% in the hours following the announcement of the lira’s fall.
Search for bitcoins from Turkey within 24 hours. Source: Google Trends
The value of the lira plunged 14% in an instant after Turkish President Erdogan fired the governor of the country’s central bank. Former governor Nasi Agbal was praised for bringing the lira out of its historic low, including by raising interest rates to combat inflation. His sudden impeachment has reportedly shocked domestic and foreign investors, BBC News reported.
Since the start of 2021 alone, the Turkish lira has regained a fifth of its value against the US dollar. The recent 14% drop was prompted by fears that the progress made by Nach Agbal could be reversed by the appointment of new governor Shahap Kavcioğlu, a banker and politician with a reputation for opposing the use of high interest rates to fight inflation.
The increase in searches for bitcoin by Turkish nationals is now at an all-time high and is almost double the number of searches during the bullish 2017-2018 period.
Turkish citizens are not the only ones with an updated view on cryptocurrencies. In early March, Turkey’s Ministry of Finance and Treasury announced that it would work with the central bank and regulators to develop clear guidelines for the use of crypto.
We share with the rest of the world a growing concern about cryptocurrencies. The evolution (of cryptography in the world) and the state of cryptography in Turkey are closely followed by our ministry, the ministry said at the time.
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