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Turkey: Weak Lira Ignites Interest in Cryptocurrencies
Published April 13th, 2021 - 12:30 GMT
And in Turkey it was no different, where investors say a weak lira and inflationary pressures, along with the hopes of quick gains, have driven demand. (Shutterstock)
Highlights
Cryptocurrency’s protection against inflation has been one of key drivers behind its popularity with the Turkish public.
As governments and central banks around the world attempted to counter the devastating economic damage wrought by the Covid-19 pandemic by opening the stimulus taps to gush out trillions, it left many worried about the devaluation of their currencies.
One of the go-to safe havens in the context where confidence in fiat money is low, has been to use gold as a store of wealth. But what took place instead in overwhelming numbers, was the dramatic adoption of cryptocurrencies like Bitcoin, which began to fulfil the role of digital reserve-asset, leading it to be dubbe ....

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