Google Searches For Bitcoin Explodes In Turkey After Lira Crash

Google Searches For Bitcoin Explodes In Turkey After Lira Crash

Google Searches For Bitcoin Explodes In Turkey After Lira Crash

Advertisement

&nbsp

&nbsp

Google searches for “Bitcoin” have soared in Turkey following the drop of the Lira against the US Dollar on Monday.

Analytics has revealed that searches for “Bitcoin” on the popular search engine by Turkish residents shot up by 566% on Monday amidst reports of the Lira’s fall against the dollar.

The Turkish Lira sank by about 14% against the dollar shortly after the abrupt dismissal of the Turkish Central Bank governor as announced by President Recep Tayyip Erdogan in a decree published in the Official Gazette on Saturday.

Turkish politician and former civil servant Naci Agbal who had hiked interest rates by 200 basis points to 19% in his short time in office was summarily dismissed 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 the Central Bank governor.

Advertisement

&nbsp

&nbsp

Following this move by the president, the Lira plummeted against the dollar on Monday trading at 8.12 per dollar—the lowest it has gone in about 20 years.

Conjecturing that this inauspicious event had impelled the growing interest in Bitcoin within the country is not out of place.

Additionally, Turkey revealed it would be inaugurating a central bank digital currency in the second half of 2021.

This was disclosed by just dismissed Central Bank governor Naci Agbal late last year. He stated, “There is an R&D project initiated on digital money. Currently the conceptual phase of this project has been completed. We aim to start pilot tests in the second half of 2021”. 

Recently, a lot of investors have been flocking to Cryptoassets in search of security that fiat currency and investments in conventional stock have failed to give them especially as a result of contemporary economic policies and unpropitious events.

“Rich Dad Poor Dad” author, Robert Kiyosaki had been advocating for the adoption of Bitcoin in lieu of fiat currency for a while now, recently criticizing the government for their part in what he believes will lead to hyperinflation in the country.

According to reports, Turkey has been one of the top-listed countries with Bitcoin adoption for a while now. This is owing to the incessant crisis the Lira has been facing, making a move to digital assets a necessity for the sake of security.

Bitcoin and Cryptocurrency trading has been gaining increasing popularity in Turkey over the years. And in addition to the currency crisis which discourages long-term investments in the Lira, the availability of local exchanges with favorable setups has contributed to this.

Google Searches For Bitcoin Explodes In Turkey After Lira Crash
BTCUSD Chart By TradingView

Inasmuch as the Turkey Finance and Treasury Ministry revealed that it shares global concerns regarding cryptocurrencies, they are still considered legal in the country; and interest in them would only soar as long as issues with the Lira persist.


Ledger Nano X - The secure hardware wallet


DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Published at Mon, 22 Mar 2021 17:20:45 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.