Why are Turkish people investing so much in Bitcoin?

The mosque teat is the focus of daily life throughout Turkey, an Ottoman tradition that has lasted for centuries.

In Kuce” teahouse “In Corum, owners have one leg in the past and another in the future: it's the only local country in the country where Muslims can pay with bitumen [bitcoin].

Everyone we know in Corum is starting to invest in cryptovaluta. We think that within five years, regular currency will fall, and will be replaced by digital ones. So we wanted to be in a good position,” said the co-owners of the tea shop, Hyseyin Nalch, and Kerem Kutai Yllderem.

The oldest partners think it's a little absurd. They mock us. But now the store next door is asking us to teach them. ”

Turkish lira dropped dramatically last month after President Recep Tayyip Erdogan made a shocking decision, reports The Guardian, translating Periscopi in Albanian.

He decided to fire Central Bank Governor Naci Agball. The reserves now have the fourth governor in less than two years, and the lira has lost half the value since the currency crisis in 2018.

Inflation reached its highest point in six months in March at 16.9 percent, or more than 5 percent, in advance until unemployment remains high - 12.2 percent.

These recent economic woes have led to increased corruption trade in Turkey, with investors hoping to take advantage of bitumen and take refuge from inflation.

Data from the US researcher surveyed by Reuters shows that the volume of trade between early February and March 24th has reached 128 billion lire [about 15 billion euros], at a peak reached the weekend when Agball was dismissed.

Google research in Turkey for cryptovatluta also peaked during the week before Agball was downloaded.

The governor, who took office in November, was reportedly at odds with Erdogan.

The latter, unlike most economists, believes high interest rates cause inflation.

Bitcoin's rise to $62,000 has also made digital currency interests rise worldwide: investors and companies have supported the asset that just emerged despite warnings of its instability.

The Turkish people are looking for stable assets because of our history of high inflation,” said Yzzari Gyner, executive director of BtcTurk. “That's why generations after generation of Turks have invested in gold, real estate and dollars. ”

The Turks' interest in cryptovatluta has steadily increased over the years, in part because they are recent resources and even because of their reputation for being immune to inflation.

So far, Ankara has made no moves to regulate or tax digital currency space.

Erdogan has recently repeated calls to the Turkish people to invest in gold and foreign currency.