Bitcoin Demand Soars in Turkey As Inflation Rises by 16%
Bitcoin trading volume in Turkey has registered a spike in the wake of the growing inflation rate in the country. The inflation rate of Turkey has risen by 16% over the past 6 months, making many looks for alternatives store of value.
Only a couple of weeks back the value of national fiat Turkish Liara fell by 15% after the Central Bank head was sacked. Analysts had warned about the potential spiral impact on the country’s inflation amid the falling credibility of its central bank. The president at the time was criticized for his decision to outset the sitting central bank head as new management could not bring any drastic changes either
Many countries facing the wrath of financial turmoil in the form of rising inflation including Iran, Argentina and Venezuela have toward bitcoin as a form of a bridge currency to help them save the value of their earning. Most of the financial turmoil occurs due to government corruption and negligence of the red flags on the way.
Financially Troubled Nations Turning towards Bitcoin
Turkey is not the first nation to have turned towards Bitcoin amid the deteriorating value of national fiat. Iran which is currently facing the worst inflation crisis than Turks added with numerous international trade sanctions made them turn toward bitcoin as well. The bitcoin trading volume spiked in the country as inflation touched over 30%. The government also regulated crypto mining in the country with an abundant clean energy supply.
Many South African nations facing severe financial problems and the majority of the population is deprived of traditional banking structure, the use of bitcoin and other cryptocurrencies soared in many countries in the region. Argentina is another country where bitcoin trading gained a lot of momentum over the past year due to hyperinflation leading to a 50% fall in native fiat’s value.
The bitcoin adoption by institutions and fortune 500 companies have grabbed most of the headlines this bull season as it has increasingly become the choice of investors over gold. However, Bitcoin has continued to help struggling nations even before the current bull season began. BTC’s decentralized nature also plays a key role as even without a full-fledged infrastructure or exchange, it can be traded using peer-to-peer platforms.
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