Google’s search for Bitcoin (BTC) originating from Turkey has risen in the last 24 hours after the Turkish lira fell 14% after the central bank governor was fired.
Bitcoin searches increased by 566% in the hours following the news of the lira’s death, according to Google Trends.
Lira has weakened by 14% since Turkish President Recep Tayyip Erdogan fired the head of the country’s central bank. This came when former governor Naji Iqbal pulled the lira out of its historic downturns, partly due to rising interest rates to fight inflation. According to BBC News, his sudden shots shocked local and foreign investors.
The Turkish lira has regained a fifth of its value against the US dollar since the beginning of 2021 alone. The recent decline of 14% stems from concerns that Nagy Agbal’s gains could be reversed by the appointment of a new governor, Heb Kavjolu, a banker and politician who is said to oppose the use of high interest rates to fight inflation.
The marginal increase in Bitcoin searches from Turkish nationals is the highest to date, doubling the number of searches recorded during the 2017-2018 bullish round.
It is not just Turkish citizens who are just looking at cryptocurrencies again. In early March, Turkey’s Ministry of Finance and Finance announced that it would work with the central bank to work with regulators to develop clear guidelines for the use of cryptocurrencies.
“We share the growing concern about cryptocurrencies with the rest of the world. At that time, the ministry announced that the development (in relation to cryptocurrencies around the world) and the state of cryptography in Turkey is under close control of our ministry.