Turkey’s Currency Instability Pushing People to Bitcoin

Remember when cryptos were deemed unusable because, unlike fiat, they were volatile? The tables are gradually turning and Turkey is the latest case. The country’s currency, the lira, has recently experienced a drastic drop in its value relative to the US dollar which has quickly drawn comparisons with Bitcoin. Faced with an economic crisis and a trade dispute with the US, the lira collapsed 20 percent in the past week, a greater drop than Bitcoin. Turks have sought alternative payment methods as they wait for the lira to stabilize, and cryptos have been the leading option. Turning the Tables Turkey’s relations with the US have been strained for some time now, and they have only gotten worse over the past few days. On August 10, President Trump announced that he had doubled the tariffs on Turkish steel and aluminum, noting that the lira had continued to slide against the US dollar.

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