Bitcoin passes 700,000 lira
Turkey is unofficially battling a currency crisis as President Recep Tayyip Erdogan pushes to keep interest rates low.
The result has been the de facto collapse of the lira’s exchange rate, with USD/TRY gaining 14% on Tuesday alone to pass 13 for the first time.
While Turks witness their purchasing power decline in real time, those with a BTC allocation can arguably see the benefits of hard money more clearly than ever.
“The currency has lost a third of its value since March and declined for nine consecutive years. Conversion from TRY to USD will merely slow the collapse, while adoption of BTC will reverse the damage & revitalize the economy.”
“Bitcoin marketing departments”
The exchange sector has faced difficult times under Erdogan, who declared “war” against cryptocurrencies in September.
Another platform, Thodex, was at the center of a scandal earlier this year after shutting down and its CEO, Faruk Fatih Ozer, absconding with funds worth $2 billion at the time.