The Turkish lira weakened 44% over the past year and the currency crisis led to 19-year high inflation of 36% in December 2021. The lira has lost 40% of its value against the dollar since September.
The skyrocketing cost of living used up a household’s entire income and led many poor citizens to take to the streets and protest against the government.
For a long time, Turks have poured their money into US dollars, euros or gold, but the rise of crypto assets over the past few years has shown a new way to invest and take responsibility. responsibility for the amount earned.
According to the WSJ, in Istanbul, the largest city in Turkey, advertisements for cryptocurrency exchanges have started appearing on public transport, billboards, and at one of its airports. city. Even shops selling Bitcoin have sprung up next to currency and gold exchange points.
The Turks are very fond of the stablecoin tether, which has a similar value to the dollar. The Turkish lira is already the second most traded fiat currency after the US dollar for tether.
“The senseless policies regarding rates, diminishing trust for published statistics regarding inflation and political decisions…made cryptos a safe haven, even though cryptos are rather risky and volatile financial assets,”
Kağan Şenay, a 27-year-old trader from Turkey said.
","author":{"@type":"Person","name":"Trajcevski Milko","url":"https://tintucbitcoin.com/author/milko-trajcevski/" , "sameAs":["https://tintucbitcoin.com/"]},"articleSection":["Tin Tu1ee9c Altcoin"],"image":{"@type":"ImageObject","url":"https://tintucbitcoin.com/wp-content/uploads/2022/01/Turkey-Ditchs-the -Unstable-Turkish-Lira-and-Opt-For-Cryptocurrencies_social.jpg","width":750,"height":391},"publisher":{"@type":"Organization","name":" Tin Tu1ee9c Bitcoin","url":"https://tintucbitcoin.com","logo":{"@type":"ImageObject","url":"https://tintucbitcoin. com/wp-content/uploads/2021/06/logo-30px-height.svg"},"sameAs":["https://www.facebook.com/tintucbitcoincom","https://twitter.com/tintucbitcoin","https://t.me/tintucbitcoin_com","https://www.youtube.com/c/TinTucBitcoinOfficial","https://www.linkedin.com/company/tintucbitcoin","https://www.pinterest.com/tintucbitcoinmoinhat","https://instagram.com/tintucbitcoin"]}}