Bitcoin related internet searches are jumping in Turkey, as it appears that Turks may be looking at Bitcoin as a potential store of value against further currency weakening or a hedge against inflation.
This happened after President Recep Tayyip Erdoğan ousted the top central banker of the nation, Naci Abgal, in a move that saw the lira plummet in foreign exchange markets. The currency has been under stress for quite some time, and this latest plunge saw it drop 10% in a day.
The lira hit a 4.5-month low of 8.28 per US dollar early Monday after it was last seen changing hands at around 7.92 per US dollar.
This drop in value is fueled partly by concerns that the new top central banker might implement capital controls as a way of tampering down the high inflation rate in Turkey. This is an alternative to implementing rate hikes that are known to preserve the value of a fiat currency.
Flipping the coin, we have reports that the Google search value for the term “Bitcoin” more than quadrupled to 100 on Sunday after the dismissal of the central bank governor.
According to Google, a score of 100 indicates the maximum number of searches observed for a term during a given time frame.
As of this writing, Google Trends is returning a value of 41 on the term, which is still significantly higher than the levels seen last week. Meanwhile, search value for gold remains flat in Turkey in the wake of this latest financial upheaval.
Activity on local exchanges has also picked up in the past 24 hours or so, and some observers maintain that a sustained decline in the lira will see a rise in hedging demand for the cryptocurrency.
In other words, events like this looming currency crisis will accelerate the adoption of Bitcoin in Turkey.
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