Bitcoin

Turkey Embraces Bitcoin As Inflation Reaches A 24-Year High.

Turkey’s annual inflation rate has reached its highest level in 24 years, standing at 78.62%. The figure was released by the Turkish Statistical Institute, with a monthly increase of 4.95%.

The rising cost of energy and the weakening Turkish lira are two of the factors that have contributed to the high inflation rate. Other countries have experienced similar surges in inflation rates, with the European Central Bank poised to raise interest rates for the first time in 11 years.

While the lira has been falling, BTC volume on LocalBitcoins in the region has increased significantly. BTC peer-to-peer trade volumes increased dramatically in the first and second quarters of 2022 as compared to the fourth quarter of 2021.

LocalBitcoins trading volume climbed by 51% in the first quarter of 2022 compared to the fourth quarter of 2021, and by 40% in the second quarter of 2022.

These are significant gains, indicating that people are turning to cryptocurrencies to secure their financial positions.

Bitcoin P2P volume. Source: LocalBitcoins

In the middle of all of this economic turbulence, Turkey’s government is resorting to a variety of tactics. Nonetheless, all demographics are flocking to cryptocurrency, and neither age nor gender influences the decision to invest in cryptocurrency.

Recep Tayyip Erdoan, Turkey’s president, has made his dislike for interest rate hikes, dubbing them the “mother of all evil.” The Turkish lira has fallen as a result, and the country may have to take dramatic measures to address the problem.

Turkey banned cryptocurrency payments in 2021, but this does not appear to have deterred citizens from investing in it only as an asset class. If the struggle continues, it is more probable that crypto investments will increase. Individuals have frequently turned to cryptocurrency as a hedge against inflation, though that argument appears to be fading.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News

Victor

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

1 hour ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

3 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

3 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

3 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

4 hours ago

This website uses cookies.