Wednesday, October 27, 2021

Bitcoin Adoption is a New Way to Deal with high Inflation in Turkey

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People in Turkey are progressively turning to bitcoin as the local money; the Turkish lira has problems staying stable and recently hit another record low against the Dollar. Bitcoin appropriation in Turkey surpasses other nations in the region. Turkey is adapting bitcoin faster compare to other countries in the region. The fast increase of Bitcoin is mainly based on the people’s loss of the Turkish lira’s thrust. The Turkish lira has a new record low, and currently, the dollar is equal to 7.92 Turkish lira. This means that the dollar has gained 33% value in the past year in Turkey. According to the analysts, it will hit 8.5 soon. This is mostly because of the ‘unorthodox’ policies that the government implements in the Turkish economy.

CNBC reported analysts to explain it as saying that “The lira’s underlying problem is the lack of credible inflation targeting by the central bank, which is bound to debase the currency ultimately,” Commerzbank analyst Tatha Ghose wrote in a note to clients last week. Another big problem that Turkish society faces is high inflation with unemployment, which is 14%. Turkish people do not trust the recent reports about inflation in the country. As a result, the Bitcoin becomes popular day by day. Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University, tweeted Sunday that “The lira is toast,” and “Turkey is burning through its foreign exchange reserve like a house on fire.” As a result, Turkey becomes one of the best countries for crypto money adaptation in the region.

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