People in Turkey are increasingly turning to bitcoin as the local currency, the Turkish lira, recently hit another record low against the dollar. Bitcoin adoption in Turkey outshines other countries in the region.
Turkey Is Regional Leader in Bitcoin Adoption
Bitcoin adoption has been increasing in Turkey as the local currency, the Turkish lira, hit another record low Thursday, reportedly touching 7.95 to the dollar. The dollar has gained about 33% against the lira so far this year and some analysts are predicting that it will soon hit 8.5. “The Turkish lira is getting smoked” and “will crash to new lows due to ‘unorthodox’ policies,” CNBC reported analysts explaining. “The lira’s underlying problem is the lack of credible inflation targeting by the central bank, which is bound to ultimately debase the currency,” Commerzbank analyst Tatha Ghose wrote in a note to clients last week.
The country has been suffering from high