BTC Google searches in Turkey surge as the Lira crashed 15% in one day with the people looking at BTC as a safe haven asset as we are reading more in our latest cryptocurrency news today.
The BTC google searches in Turkey skyrocketed to new highs and the sudden increase came after a 15% drop in the lira following the decision of President Tayyip Erdogan to remove the governor of the central bank in the country. Erdogan shocked the country after he fired the governor without any explanation but the general assumption is that the termination is a direct consequence of Agbal’s policy to keep the interest rates higher.
The president outlined that he thinks this measure leads to higher inflation but a Bloomberg article indicated that the lira gained a lot of ground during Agbal’s short-term against the dollar. After removing Agbal, Erdogan replaced him with Sahap Kavioglu who is a banking professor and columnist in a government-oriented newspaper. Kavioglu shares Erdogan’s belief that high-interest rates lead to high inflation.
The Turkish markets and the local currency didn’t react well to the developments over the weekend as the lira crashed by 15% in just a few minutes against the dollar. the pressure reached the nation’s stock market when the Borsa Istanbul 100 index dropped by 10%. With the country’s economy suffering a major blow, some citizens are looking for an untraditional solution so while Turkey maintains a controversial policy towards gold with an asset regarding it as safe haven and locals enhancing their appetite towards the so-called digital gold.
The google trends data shows that the BTC searches skyrocketed to new highs and the growing interest led to numerous people employing the services of peer-to-peer exchanges like LocalBitcoins. The expanding demand and the dropping value of the Lira are tied to some high requests and the data shows that the minimum Ask price had increased to 510,000 TRY while in some cases, exchanges demanded over 750,000 TRY.
BTC reached a new ATH against the Lira before doing so against the dollar last year. With the currency fading inv value, the price of BTC topped 100,000 TRY while it previously recording 70,000 in 2017.