Bitcoin (BTC) has disappointed investors with its recent price correction, but in one country, BTC traders have never felt more comfortable.
Market data from TradingView on November 23 confirmed that Bitcoin reached a record high level against the Turkish lira.
Bitcoin exceeds 700,000 lira
Turkey is unofficially struggling with the currency crisis while President Recep Tayyip Erdogan is trying to keep interest rates low.
The result was a de facto collapse in the lira exchange rate: the USD / TRY pair rose 14% on Tuesday alone and passed 13 for the first time.
One-day USD / TRY candlestick chart. Source: TradingView
As Turks see their purchasing power decline in real time, they can see the benefits of hard cash more clearly than ever before with bitcoin.
BTC / TRY reached 723,329 Turkish lira at Binance on Tuesday, the last in a series of all-time highs hitting almost non-stop.
1-day BTC / TRY candlestick chart (Binance). Source: TradingView
“Bitcoin is hope for Turkey,” said Michael Saylor, CEO of MicroStrategy last week.
The coin has lost a third of its value since March and has fallen for nine years in a row. Switching from the Turkish lira to the US dollar will only slow down the collapse, while switching to BTC will reverse the damage and revive the economy. ”
Bitcoin marketing department
According to its own data, BtcTurk, one of the few local exchanges, has executed transactions worth around 1000 BTC ($ 56.7 million) during the last 24 hours in the volume of the BTC / TRY pair.
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Analyst Lex Moskovsky replied: “Central banks are just the bitcoin marketing divisions.”
The stock market sector has gone through difficult times under Erdogan’s regime, which declared “war” on cryptocurrencies in September.
Another platform, Thodex, was at the center of a scandal earlier this year after it was shut down and CEO Farouk Fatih Ozer fled with $ 2 billion in cash.
Despite the disaster and the imprisonment of at least six of his comrades, Ozer is still at large.