Bitcoin Price Hits Record High In Turkey

BitPay CME Bitcoin

Bitcoin price has been constantly frustrating investors over the entire month with its recent price corrections, but in Turkey, BTC holders are pretty assured. According to market data that was received from TradingView on the 23rd of November, it was confirmed that the cryptocurrency had been touching all-time highs against the Turkish lira. 

Bitcoin passes 700,000 lira

As of now, Turkey has been battling a crisis in the official currency, with the President Recep Tayyip Erdogan looking towards keeping the interest rates low. This has resulted in the de facto collapse of the exchange rate of lira in its relation with both the USD and Bitcoin, with the USD/TRY ratio gaining 14% on Tuesday alone. 

While most of the Turks have been looking at their purchasing power declining in real-time, those with an allocation of Bitcoin would definitely be able to look at the benefits of hard money even more clearly than ever. BTC/TRU reached a sum of 723,329 lira on Binance Tuesday- which was the latest in a series of all-time highs, which have been coming forth non-stop.

Michael Saylor, the CEO of MicroStrategy, recently mentioned that BTC has been a major beacon of hope for Turkey. The currency had been losing a third of its value since March, a result of its decline for nine consecutive years. Conversion from the Turkish Lira to the US Dollar would simply slow down the entire process- but its adoption of BTC would reverse the damage, whilst rejuvenating the Turkish economy. 

Lex Moskovski has mentioned that the central banks in Turkey are simply the marketing departments for Bitcoin. The exchange sector has been facing some pretty tough times under the President, who previously declared a war against all cryptocurrencies back in September.