Since the beginning of 2020, the Turkish Lira exchange rate has fallen by more than 20%. Local investors are in a real panic.
They are massively buying gold and dollars. Inflation approached 12% on an annualized basis. The Turkish bitcoin exchange BtcTurk, together with the Istanbul University Statistics Center, surveyed its users and found out that people's interest in cryptocurrencies is fast growing.
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Hyperinflation in Turkey sharply increased interest in BTC