Turkey is experiencing a persistent economic crisis. The Turkish lira continues its downfall while Bitcoin has recorded a relatively low fluctuation lately. Turkey's national currency seems more volatile than the No.1 cryptocurrency, according to local media.
Bitcoin profits from Turkish financial crisis
In the article entitled "the crisis of Turkey propels the volatility of the pound over that of Bitcoin" , Bloomberg and other media have highlighted the extent of the devaluation of Turkish fiduciary money this year.
"The 10-day fluctuations of the pound against the US dollar now exceed those of Bitcoin in the context of escalating monetary crisis in Turkey," says the publication.Due to geopolitical factors, the value of the pound has fallen considerably since January. It halved , which encouraged Turkish citizens to turn to crypto-currencies including Bitcoin.
The crypto-stock markets have even seen their trading volumes explode more than 150% this week.
Nothing is less sure
Nevertheless, the status of digital currencies is not yet reliable and remains uncertain in Turkey . Lawmakers enact capital controls while government officials say Bitcoin is incompatible with Islam - as in Saudi Arabia . As for financial institutions, they continue to offer their services to cryptocurrency swap services, according to Forbes. Local stock markets are beginning to experience increased volatility . Some operators including BtcTurk trade Bitcoin at $ 500 more per BTC compared to foreign platforms.
If Turkey's economic situation does not evolve rapidly, this trend may persist, according to consumers.
It is true that Bitcoin has stabilized recently. However, a tumultuous fluctuation is expected in the long run. Its value has dropped by 55% since January, against 45% for the Turkish lira.
What do you think about the fact that the volatility of the Turkish lira beats that of Bitcoin? Share your opinion in the comments section below.
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