On Monday, Bitcoin reached the highest level of seven months against Turkish national currency, Lira (TRY).
The resultant economic shock wave has seen lira drops in the new lifespan of 7.20 TRY against the US dollar today, after a 27 percent fall last week. On a year-to-date basis, Lira is below 80% against the greenback.
According to data of Bitfinex, Lira looks is likely to increase Bitcoin’s proposal as a safe haven property in Turkey, and today the cost of cryptocurrency has reached Rs 47,192 today – the highest level since January 21. At the press time, the figure had fallen to a little 44,000 TRY.
Since August 8, Bitcoin has appreciated 31% against Lira and has increased 67% from 26.37 TRY on June 24. Comparatively, the US dollar-value exchange rate of cryptocurrency is up 12 percent from the lowest of $ 5755 on June 24.
So what is behind Bitcoin’s sudden appeal to Turkish investors?
The sharp slide in the lira has already increased inflation, which certainly increases the appeal of bitcoin as a value shop with a reduction in the power to spend for TRY holders.
The increased interest is evident from the fact that the Turkish cryptocurrency exchange Peribu, BtcTurk and koinim have witnessed momentum in the volume business.
Looking forward, BTC can move forward against Lira, because Turkish President Erdogan continues to oppose rising interest rates to stabilize the currency.