Turkish investors turn to cryptocurrencies after further fall in Lira.
The Turkish lira slumped dramatically last month due to president Erdoğan’s shock decision to fire the central bank governor, Naci Ağbal. The reserve is now on its fourth governor in less than two years, and the lira has lost half its value since a 2018 currency crisis.
The latest economic fail led to a surge in cryptocurrency trading in Turkey, with investors hoping to gain from bitcoin and other cryptos recent rally and shelter against inflation.
Turkish interest in cryptocurrencies has been growing steadily for several years, in large part because they are finite resources with a reputation for being immune to inflation.
According to data, trading volumes between the start of February and 24 March hit 218bn lira (£19bn) with a spike on the weekend Ağbal was sacked, up from just over 7bn lira in the same period a year earlier. Cryptocurrency worth 23bn lira was traded in the first few days after the shock announcement, the data showed, versus 1bn lira in the same timespan in 2020.
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