Turkey is experiencing a bit of a digital renaissance right now, as cryptocurrency interest reaches an all-time high. In fact, as the Turkish lira dropped by 14%, there was a whopping 566% increase in searches relating to Bitcoin in Turkey. Naturally, this would leave one to assume that Turkish citizens do not want to leave anything to chance, and so instead of waiting around for their national currency to get back on track, they have elected to go to the route of cryptocurrency and digital trading, much to the delight of crypto exchanges and investors.
Bitcoin Google searches exploded as Naci Agbal fired
Many are arguing that the main reason why the lira has dropped and Bitcoin searches increased so drastically is due to the firing of Naci Agbal. Agbal was the central bank’s governor and is the one responsible for pulling the national currency out of all-time lows. He had accomplished this partly through the raising of interest rates in an attempt to combat inflation.
Agbal’s sudden removal was shocking, to say the least, and both local, as well as international investors, viewed this as having an adverse effect on the Turkish lira. Although the lira itself had managed to restore 1/5th of its value in opposition to the U.S dollar since the start of this year, the recent drop by 14% could be seen as an indication of all the progress that Agbal had made over the years being potentially undone.
Appointment of new governor leads to spike in cryptocurrency interest in Turkey
As Agbal had been relieved of his duties, his replacement is Şahap Kavcıoğlu. With his background as both a politician and a banker, this new governor has promised to fight against inflation using the resources that are to be made available to him. Regardless, this sudden and abrupt change has led many Turkish citizens to consider alternative options when it comes to earning an income and securing their financial future.
This would come in the form of cryptocurrency, most specifically Bitcoin. In fact, it isn’t just the citizens that seem to have an interest in cryptocurrency either, as the nation’s Ministry of Treasury and Finance recently made it known that collaborations will take place alongside the central bank in an effort to implement rules and guidelines regarding the use of cryptocurrency in Turkey.