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Crypto fanatics in Turkey are using Bitcoin as a means to avoid the rapid currency depreciation as the Turkish lira plunges 15% against the US dollar in 24 hours.
The price of the largest cryptocurrency in the world by market capitalization has retracted in the last few weeks following a bullish run that saw the token hit a new all-time high earlier this month. This has caused panic amongst many crypto loyalists; however, investors in Turkey are having it good.
According to crypto real-time analysis tool and data provider Trading View, Bitcoin set a new all-time high against the Turkish Lira on Nov. 23.
Turkey is currently facing a severe economic crisis. This year alone, the Turkish Lira has plunged by more than 40% against the US dollar.
President Recep Tayyip Erdogan pressured the country’s central bank to reduce the interest rate from 19 to 15 percent last month to curb the dangerously rising inflation rate.
But instead of solving the problem, the move by the central bank of the Republic of Turkey has further weakened the Lira and angered investors.