Bitcoin reaches all-time-high vs Turkish lira amid currency collapse 

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.

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.

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 question now is, who could be next?

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