Bitcoin, the sultan of coins? – If, in the United States and in Europe, the depreciation due to inflation of fiat currencies (dollar and euro) is low enough not to be too noticeable, in other countries this loss of value of fiat currencies is visible to the naked eye . In fact, while Bitcoin (BTC) has seen its price drop in dollars in recent days, its price has never been as high as it is today in Turkish lira.
Bitcoin surpasses 735,000 Turkish lira for the first time
Turkey’s national currency has been on the brink of inflation for a while, and even soon hyperinflation at this rate. The Turkish lira (TRY) has effectively tumbled nearly 50% against the US dollar since early 2021.
As Coin Telegraph explains in a publication, the monetary errors of the Central Bank of Turkey, combined with the desire of President Recep Tayyip Erdogan to keep interest rates low, have again very recently caused a fall of almost 15% of the Turkish lira. against the dollar.
A dangerous situation that causes the price of BTC, which has nevertheless fallen in US dollars during the last fortnight – from $ 69,000 to $ 57,000 -, now reaching new heights in its quotation in Turkish lira. At the time of writing this article, on Nov 24, BTC has established a list of ATHs that has surpassed TRY 735,000.
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Bitcoin, a safe haven of choice in Turkey
Faced with the fall of their national currency, Turkish citizens can de facto see that Bitcoin behaves as a store of value similar to gold, which does not depreciate after the actions (quite often disastrous) of a central bank.
Unfortunately for them, the Turks also see their president fighting to the death against Bitcoin and cryptocurrencies. As usual, Recep Tayyip Erdogan said in September:
“We are at war with Bitcoin. We fight cryptocurrencies and we will fight to destroy them. “
A whole program! The problem here will be to see if the Turkish lira is not in danger of exploding in flight long before the eradication of crypto in the country. The actions of the Central Bank and President Erdogan may well, contrary to their wishes, cause the population to rush more and more towards Bitcoin.
It must be remembered that the Turks had been willing to pay a BTC up to the equivalent of US $ 100,000 in March 2021 (in OTC exchanges), preferring that even overvalued price instead of keeping their currency, national paper. It’s no wonder, with all this, that governments and central banks around the world don’t like Bitcoin at all, which points to its true monetary circus.
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