Bitcoin Google Searches in Turkey up by 500% due to economic uncertainty
Cryptocurrency adoption has been on the rise globally due to inflation and hyperinflation in several countries worldwide. Nigeria, Zimbabwe, Argentina, Venezuela, and now Turkey have been some of the countries hit by hyperinflation in recent years. The residents turned to Bitcoin and other cryptocurrencies to protect their wealth.
Bitcoin Google searches sores in Turkey
Google searches for the leading cryptocurrency in Turkey are on the rise following economic uncertainty and volatility. The European country is going through economic turmoil and is forcing people to start considering Bitcoin as a store of value.
This latest development comes after President Erdoğan sacked central bank governor Naci Agbal earlier today. The decision has seen Bitcoin interest in the country surge by more than 500% as the Turkish Lira dips by 15%.
The new central bank governor Şahap Kavcıoğlu has always been against high interest rates. Last month, he expressed his displeasure at the apex bank's decision to increase interest rates as he believes it hurts the general public.
Although Agbal's moves of rate hikes have helped the Turkish Lira in recent months, President Ergodan is also against high interest rates as he believes it breeds inflation in a country. Over the past five months, the Turkish central bank increased interest rates from 10.25% to 19%. During that period, the Lira performed excellently, even against the US Dollar. The Lira dipped to 8.49 against the USD but bounced back to 6.94 under Agbal's leadership.
The change in the apex bank's leadership resulted in the Lira declining by 15% against the US Dollar. The result of this is that more people are now interested in Bitcoin in Turkey as they could be looking to protect their wealth against inflation.
Hyperinflation creates massive economic problems
Hyperinflation has affected several countries in recent years. Su Zhu, the Chief Investment Officer (CIO) at Three Arrows Capital, a prominent partner-only crypto fund based in Singapore, believes that more advanced countries would face the same situation as Turkey.
He tweeted that "Fun fact: reason Turkish Lira is TRY and not TRL is because they've already re-denominated before due to massive hyperinflation. I would wager that on a long enough time frame, developed country currencies will undergo similar re-denominations."
The argument is that all fiat currencies would eventually approach an intrinsic value of zero and would need to be re-denominated. The advanced countries are already suffering from slight inflation due to the massive printing of fiat currencies without valuable assets backing them up.
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