Bitcoin Hits New All Time High In Turkey As Lira Slides 15%

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The Turkish Lira dropped 15% this week when President Recep Tayyip Erdogan declared in a speech that his country was fighting an ‘economic war of independence’. As a result, the currency that some 85 million people in his nation use for their daily consumption has now lost 40% versus the American dollar and a similar percentage versus the Euro, making overseas goods quite un-payable.

Bitcoin ATH in Turkish Lira.

Central banks are just Bitcoin marketing departments. pic.twitter.com/3u8ji7t04Q

— Lex Moskovski 🐙 (@mskvsk) November 23, 2021

The only difference is that Bitcoin soared on Istanbul’s crypto exchanges to a new all time high as Turks are eagerly looking for safe havens to store their wealth.

Bitcoin Marketing Departments

Michael Saylor, CEO of MicroStrategy and an advent Bitcoin supporter, declared last week already that:

The currency has lost a third of its value since March and declined for nine consecutive years. Conversion from TRY to USD will merely slow the collapse, while adoption of BTC will reverse the damage & revitalize the economy.

For people living in Turkey, how much is #Bitcoin being discussed amongst the typical population right now? https://t.co/vapOCsrZFi

— Preston Pysh (@PrestonPysh) November 23, 2021

Analyst Lex Moskovski agreed with him, pointing out that Bitcoin hit and all-time-high in Turkish lira and then stating that:

Central banks are just Bitcoin marketing departments.

Although this is basically good news for Bitcoin and the cryptosphere, it should also serve as a warning for developed economies that mass printing of fiat currencies can lead to serious deflation.

CNBC claimed in summary that:

Inflation in Turkey is now near 20%, meaning basic goods for Turks — a population of roughly 85 million — have soared in price and their local currency salaries are severely devalued.

Not surprisingly Turkey has been leading in #Bitcoin adoption for several years now https://t.co/MP2UiDhSy5 pic.twitter.com/1KlUwf5fF0

— Plan Marcus ☣️⚡️ (@plan_marcus) November 23, 2021

As one Twitter commentator pointed out, given Erdogan’s bad run of central bank governors, it is not surprising Turkey has been leading in Bitcoin adoption for several years now.