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

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

4 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

6 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

8 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

9 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

12 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

15 hours ago

This website uses cookies.