According to the CIA World Factbook, the middle east nation of Turkey ranks among the most developed countries and is also defined by economists and political scientists as one of the world’s newly industrialised regions. Unfortunately, they are experiencing a severe economic crisis as a part of a political payoff. The Turkish Lira has lost about 50% of its value in the last year and 30% of its value in the previous month.
Usually whenever there is a disturbance in the economy of a country, the central bank will try to stabilize the currency and control the crisis. But Turkey has entered a “bear market”. No one is willing to keep Turkish Lira and they want to exchange it for USD or gold. Also the government and bank are not allowing the purchase of foreign currency. With these effects, the people have found a ray of hope to keep their asset which is: Bitcoin.
After the introduction of crypto to the world, most countries feared that it might intersect with their so-called economic stability and might drag them a few years back. However, the financial condition of Turkey has proved that it can also be a saviour to a dying economic world. The trend of Bitcoin is exponentially rising in Turkey. The exchanges have started to gain volume in the last few months. Since the users are disappointed with the bank, Bitcoin is offering them a way out.
If the Turkish people start using cryptocurrencies, there would be a significant hike in the price of other cryptocurrencies as well and may force the technical analysts to focus upon it or require them to invest.
Simultaneously, the active media of the world will participate and attract other users and bring new buyers. These cycle of events could eventually lead to the most significant economic bubble the world may have ever seen.