Bitcoin Is Now Accepted At The Grand Bazaar In Istanbul

Key Points:

• The demand to purchase cryptocurrencies such as Bitcoin in Turkey is rapidly increasing as a way to escape financial controls and inflation.
• To bypass banks, Turks are rushing to Istanbul’s Grand Bazaar to exchange lira.
• Bitcoin or USDT is becoming a means of payment for small merchants.

Bitcoin has now been accepted at the Grand Bazaar, one of the largest and oldest covered malls in the world in Turkey.

The Bitcoin community has been sharing pictures on Twitter of stores in the Grand Bazaar accepting Bitcoin and Tether (USDT).

Turkey launched a monetary reversal strategy last year, cutting interest rates as all other nations raised them, and the lira’s value is dropping. To bypass banks, Turks are rushing to Istanbul’s Grand Bazaar to exchange lira.

To escape government control, they pay a greater premium than the official exchange rate to acquire US dollars, and the premium rate has hit its highest level since last year.

President Recep Tayyip Erdogan’s strict financial regulations have restored the Grand Bazaar, which was once the heart of world trade in the 15th century.

The move has also given rise to a new parallel exchange rate for the Turkish lira among the covered labyrinth of antique stores, jewelry boutiques, trinket-selling kiosks, and leather merchants. When limitations on local electoral banks tighten in the weeks before a high-stakes election, that parallel rate has become more entrenched.

Because of the micromanagement of the legal exchange market, lenders have ceded more dollar sales to the bazaar and its hundreds of exchange offices.

Erdogan’s last-ditch attempts to squash wagers against the currency don’t have the same bite in the small arched passageways where traders have conducted their trade for more than a century.

Moreover, the demand for cryptocurrencies such as Bitcoin is fast expanding as a means of avoiding financial regulations and inflation. Therefore, it is inevitable that Bitcoin and USDT are becoming new currency trends in this country. Currently, it may be available in small shops or wholesalers, but in the long run, it will probably be accepted by both large organizations and companies.

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.

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Harold

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