The price of BTC on Turkish peer-to-peer exchanges has risen to $ 100,000, which is almost double its current rate on global exchanges. This is due to the increased interest of local citizens in bitcoin due to the collapse of the Turkish lira.
According to LocalBitcoins, the minimum price for bitcoin on local P2P platforms is 509,840 Turkish lira (about $ 64,000), and on some offline sites the bitcoin rate reaches $ 100,000. This is due to the fact that the national currency of Turkey fell by 14% after President Recep Tayyip Erdogan has fired the Governor of the Central Bank of Turkey Naci Agbal.
Agbal was a proponent of raising interest rates to fight inflation. During a short period of his tenure, Agbal was able to improve the country’s monetary policy and pull the Turkish lira out of the bear market. Analysts and currency strategists believe that the removal of Agbal will further increase the risks of a fall in Turkey’s state currency and encourage citizens to become participants in the cryptocurrency market.
Given what is happening, Turkish citizens are indeed forced to shift their focus to Bitcoin. Many people see it as an asset against inflation and unforeseen changes in economic policy. By
data Google Trends, following news of the Turkish Lira falling, the number of searches for the word “bitcoin” in Turkey increased by 566% in just a few hours. In addition, it is almost double the number of requests during Bitcoin’s bull rallies in 2017 and 2018.
It is not just ordinary people in Turkey who have begun to look at cryptocurrencies in a new way. This month, Turkey’s Ministry of Finance, together with the country’s central bank, began developing clear guidelines for the use of digital assets. The government believes that the new regulation should be aimed not only at protecting investors, but also at the healthy development of the cryptocurrency industry in the country.
Earlier, Agbal said that this year the Bank of Turkey plans to launch testing of its own digital currency. However, it is now unknown how soon this initiative will be implemented after his dismissal.
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