According to The Wall Avenue Journal, Turks are rushing to embrace Bitcoin and USDT, looking to convert the plunging lira and save their money.
Bitcoin and Tether Massively Bought in Turkey as Safe Haven from Lira Drop
Accordingly, the crypto trend is now rapidly unfolding in Turkey as the local currency Lira becomes very volatile and plummets against the USD. However, in the traditional financial world, cryptocurrencies are highly volatile.
“The Turkish lira has become so volatile that Turks have abandoned the local currency for an asset with an even riskier reputation: cryptocurrencies. Turks are especially passionate about stablecoin Tether,” said the Wall Road Journal.
At the end of 2021, Lira (Consider) began to plunge against the USD, with Lira-related trading volume increasing by an average of $1.8 billion per day across the three crypto exchanges. Back in 2019, the volume was a lot higher – about $71 billion worth of Lira spent on crypto every day.
The Turkish people are especially chasing stablecoin Tether pegged to USD. In the fall, 2,020 more investors traded Lira against USDT against Check out/USD and Try out/EUR pairs.
Although Turks usually save in USD and gold, they now choose cryptocurrencies: BTC and Tether. Since September 2021, the lira has fallen 40% against the USD, while Bitcoin is up at a similar rate to the dollar in early November. BTC is 10% below that level now.
Turkish investors have started to get involved in cryptocurrencies, despite a law banning the use of digital currencies as a means of payment in April 2021.
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