Turkish Bitcoin holders avoid an accelerating currency collapse as the lira loses 15% against the U.S. dollar in a single day as reported by Coin telegraph
Bitcoin (BTC) has frustrated investors with its recent price correction, but in one country, BTC hodlers have never been more relieved.
Market data from TradingView on Nov. 23 confirmed that Bitcoin has hit new all-time highs against the Turkish lira.
Bitcoin passes 700,000 lira
Turkey is unofficially battling a currency crisis as President Recep Tayyip Erdoğan pushes to keep interest rates low.
The result has been the de facto collapse of the lira’s exchange rate, with USD/TRY gaining 14% on Tuesday alone to pass 13 for the first time.
While Turks witness their purchasing power decline in real-time, those with a BTC allocation can arguably see the benefits of hard money more clearly than ever.
BTC/TRY reached 723,329 Turkish lira on Binance Tuesday, the latest in a series of all-time highs, which have come almost non-stop.