Bitcoin searches in Turkey at all-time high after lira plunges 14 per cent
The number of searches for bitcoin from Turkey is at an all-time high after the lira plunged 14 percent.
The number of Google searches for Bitcoin (BTC) from Turkey exploded in the last 24 hours of Bitcoin Up after the value of the Turkish lira plunged 14 percent following the dismissal of a central bank governor.
According to data from Google Trends, the number of searches for Bitcoin increased by 566 per cent in the hours immediately following news of the lira’s collapse.
The value of the lira fell 14 percent after Turkish President Erdogan fired the governor of the country’s central bank. Former governor Naci Agbal is said to have pulled the lira out of its historic lows. He did this partly by raising interest rates to fight inflation.
His abrupt ouster is said to have shocked domestic and foreign investors
The Turkish lira has risen by a fifth against the US dollar since the beginning of 2021 alone. The recent 14 per cent slump was triggered by concerns that the progress made by Naci Agbal could be undone by the new governor, Sahap Kavcioglu. The successor is a banker and politician and is against high interest rates to fight inflation.
The number of Bitcoin searches among Turkish citizens has thus reached an all-time high. This is almost double the number compared to the bull run of 2017 and 2018.
It’s not just Turkish citizens who are increasingly interested in cryptocurrencies. In early March, Turkey’s Ministry of Finance announced that it would work with the central bank and regulators to set clear guidelines for crypto use.
„We share the emerging concerns about crypto. The developments (in crypto around the world) and the state of crypto in Turkey are being closely monitored by our ministry,“ the ministry said at the time.