Google searches for the keyword "Bitcoin" have skyrocketed in Turkey after the lira crashed against the US dollar yesterday.
Vertical collapse for the Lira due to too high interest rates
The Analytics website revealed that searches for the word "Bitcoin" on the popular search engine by Turkish residents increased by 566% on Monday. Probably due to the fall of the lira against the US dollar.
The Turkish lira sank around 14% against the dollar shortly after the abrupt dismissal of the Turkish central bank governor. This was announced by President Recep Tayyip Erdogan in a decree published Saturday in the Official Gazette.
Turkish politician and former state official Naci Agbal, who had raised interest rates by 200 basis points to 19% in his short term in office, was summarily fired by Erdogan.
Agbal was replaced by Sahap Kavcioglu, a banking professor who had argued for lower interest rates, after serving for about four months as central bank governor.
Following this move by the president, the lira plunged against the dollar on Monday to 8,12 per dollar, the lowest in about 20 years. The conjecture that this nefarious event spurred growing interest in Bitcoin within the country is not out of place. Furthermore, Turkey revealed that it would usher in a central bank digital currency in the second half of 2021.
That's where the Turks want to invest now
The newly sacked central bank governor Naci Agbal said at the end of last year. He said: “There is a research and development project started on digital money. The conceptual phase of this project has now been completed. We aim to start pilot tests in the second half of 2021 ”.
Recently, many Investors they have flocked to Cryptoassets in search of the security that fiat currency and conventional equity investments have failed to give them, mostly due to contemporary economic policies and adverse events.
Rich Dad Poor Dad author Robert Kiyosaki has been advocating the adoption of Bitcoin instead of fiat currency for some time. Recently criticized the government for its part in what it believes will lead to hyperinflation in the country.
According to reports, Turkey has been one of the top countries on the list for Bitcoin adoption for some time. This is due to the relentless crisis the Lira is facing, making the switch to digital assets a necessity for security reasons.
Bitcoin and Cryptocurrency trading has gained more and more popularity in Turkey over the years. And in addition to the currency crisis that discourages long-term investments in the lira, the availability of favorable local exchange rates contributed to this.
Since the Turkish Ministry of Finance and Treasury has revealed that they share global concerns about cryptocurrencies, they are still considered legal in the country; and interest in them would only grow as long as problems with the lira persisted.