The fiat lira has fallen by 40% since September! Turks are flocking to cryptocurrencies

As Turkey's monetary policy, the lira, passed swiftly from the powerful hands of President Recep Tayyip Erdoan, the Turkish people wept and fled to cryptocurrency. According to the Wall Street Journal, the daily market volume of the lira against USDT on our main exchange was $1.8 billion last fall, a far cry from the total lira trading volume of $71 billion and the better levels over the past five months.

As previously reported, President Trump has refused to meet investors' demands for fines over the rise of the pound, calling for a self-sustaining monetary policy, and interest rates and exchange rates high enough to slow the economy. 'inflation. The rules evolving towards the importance of investment, export and manufacturing growth have sparked the country's interest and lost the lira.

40% inflation in less than six months, Turks come up against cryptocurrencies

The Wall Street Journal (WSJ) reported that while Turks have been slow to hold silver, euros or gold to hold assets, the lira has depreciated 40% against the dollar since then. September, when the bitcoin (BTC) exchange rate against the dollar was 10:10 a.m. in early November: against the pound, which rose 40% (now down more than 10%) instead of highs around of 00), but it is a better option for cryptocurrencies.

Turkish cryptocurrency exchange Bitlo said: “The Turkish Lira exchange rate and the rise of the currency in recent months has led investors to see cryptocurrencies as a long-term advantage in the market. use them to hedge short-term inflation.

In Istanbul, the capital of Turkey, advertisements on trams, billboards and cryptocurrency exchanges began to appear in large numbers at airports, and bitcoin stores began to appear on the streets, and foreign currencies and gold are always sold. Mass.. Ege Tuluay, a 24-year-old student, often visits the Caspicoin cryptocurrency market. He plans to use US dollars to buy USDT and other cryptocurrencies. He says this about cryptocurrencies: Cryptocurrencies bring hope to Turkey. They want money because they are losing it. For Turks, this (cryptocurrency) seems to be profitable.

Concerns over the government's refusal to disclose revenues led Turks to convert to USDT.

The Wall Street Journal reported that some Turks had exchanged foreign currencies such as the US dollar and euro in their banks for USDT, a stable US dollar exchange rate.

In Turkey, two-thirds of foreign bank accounts (usually euros and dollars), so why don't Turks buy silver? , use These funds are used to influence foreign trade and control the value of the lira (although this policy has been restricted by the current president).

If the Turks are ready to withdraw their dollars, the banks will have to repay their loans, but most Turks fear that the government will refuse to release them in full or soon because of their jobs debt, forcing banks to pay depositors . As a result, many natives have turned to USDT.