Bitcoin Google Searches at ATH
Since the resignation of Naci Agbal, the previous Head of the Turkish Central Bank and the appointment of Sahap Kavcioglu, a former banker and loyal politician to Erdogan; the Turkish Lira plunged by 15 %.
Why? And Why now?
There are a few reasons:
- Naci Agbal did quite a good job since November to stabilize the inflation by hiking interest rates and was seen as at least a little independent from Erdogan (as much as one can be I guess)
- The newly appointed Sahap Kavcioglu is a loyal supporter of Erdogan (Bye Bye Independence) and has been vocal that he will allow more monetary expansion. By doing so, investors are worried of further LIRA devaluation and are asking themselves if Turkey will even pay back all its debt.
- Rumors and hints from the Turkish Central Bank might put in place some capital restrictions and therefore preventing its citizens to move assets out of Turkey. Anticipating those, a lot of Turkish are looking into Bitcoin
- Devaluation of the Lira will probably continue and therefore the Turkish population is looking for an alternative. As access to foreign currencies is difficult they turn into Bitcoin and Crypto as they are mostly denominated in USD and their fate is not linked to Turkey's domestic situation.
Frightening 5Y Turkish Lira / USD Chart
Bitcoin offers an alternative to the people !
If you do not agree with the policy made by the one governing you, buying Bitcoin is the silent protest as you refuse to participate into their crooked financial system !
We live at a time when for the first time in history, people can escape to some extent their country's monetary decisions.
Even Billionaires were affecting during the past century when there were some currency devaluation, strong inflation or capital control...
Bitcoin is the way to take the power back ! And Turkish understood it.
... as Venezuelan, Lebanese and Argentinia before them...
In the end, I hope things get better in Turkey but it surely does not seem it did during the past 10 years.
I am quite affraid that Erdogan will start a BIG war in order to keep himself in power and considering the devastating economic situation in Turkey.
Let's hope I am wrong.
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