Bitcoin reaches all-time-high vs Turkish lira amid currency collapse
Photo: Unsplash
Bitcoiners across the world have had their mood’s dampened recently, save for Turkey, where hodlers are being vindicated by its surge relative to their local currency.
As of Tuesday November 23, Bitcoin reached a record high, surpassing 700,000 lira.
Neues #Bitcoin ATH in der Türkei (700.000 Lira)#BTC hat kein Top, weil FIAT kein Boden hat pic.twitter.com/pubVqp0F7g
— Furkan Yildirim | CCTV (@FurkanCCTV) November 23, 2021
With President Recep Tayyip Erdoğan continuing to keep interest rates down, Turkey appears to be facing a currency crisis.
The dollar is up by 14% against the lira, passing 13 for the first time.
USDTRY 13 in a few minutes
— zerohedge (@zerohedge) November 23, 2021
As Turks are seeing steep declines in their purchasing power, it could become the latest nation to see clearly the benefits of Bitcoin, a decentralized, immutable monetary network.
“The problem is clear to see, and getting worse. It is also not isolated to Turkey (see Argentina et al.). The best solution available to corporations, families, & individuals in economies with collapsing currencies is #Bitcoin,” said Michael Saylor, CEO of MicroStrategy.
The problem is clear to see, and getting worse. It is also not isolated to Turkey (see Argentina et al.). The best solution available to corporations, families, & individuals in economies with collapsing currencies is #Bitcoin.
— Michael Saylor⚡ (@saylor) November 23, 2021
The question now is, who could be next?
People forget that Turkey is a G-20 country.
— Greg Foss 🇨🇦 (@FossGregfoss) November 23, 2021
This could never happen to a G-7 right #Canada?#btc https://t.co/yl8nanniY1