Turkey residents turn to (report) given another lira collapse of cryptocurrency

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Berichten zufolge haben einige Einwohner der Türkei ihr Interesse am Kryptowährungsmarkt, insbesondere am Stablecoin USDT, wiederbelebt, nachdem ihre Landeswährung erneut abgewertet wurde und sie befürchteten, dass im ganzen Land wieder eine schwere Inflation auftauchen könnte. Der Abwärtstrend der türkischen Lira (der in den letzten Jahren zu beobachten war) verstärkte sich kurz nachdem Recep Erdogan die Präsidentschaftswahlen gewann und sich damit weitere fünf Jahre als politischer Führer sicherte. Er ist als scharfer Kritiker digitaler Währungen bekannt, während sein Gegner Kemal Kilicdaroglu (der zwei Millionen Stimmen weniger als Erdogan erhielt) seine Ansichten für Kryptowährungen teilte. Türken wenden sich Krypto zu Laut aktuellem …
According to reports, some residents of Turkey revived their interest in the cryptocurrency market, especially at the StableCoin USDT, after their national currency was devalued again and feared that a serious inflation could appear across the country. The downward trend of the Turkish lira (which was observed in recent years) increased shortly after Recep Erdogan won the presidential elections and thus secured another five years as a political leader. He is known as a sharp critic of digital currencies, while his opponent Kemal Kilicdaroglu (who received two million votes less than Erdogan) shared his views of cryptocurrencies. Turks turn too loudly ... (Symbolbild/KNAT)

reported, some residents of Turkey have revived their interest in the cryptocurrency market, especially in the StableCoin Usdt, after their national currency was devalued again and they feared that a serious inflation could appear across the country.

The downward trend of the Turkish lira (which was observed in recent years) strengthened shortly after Recep Erdogan won the presidential election and thus secured another five years as a political leader. He is known as a sharp critic of digital currencies, while his opponent Kemal Kilicdaroglu (who received two million votes less than Erdogan) shared his views of cryptocurrencies.

Turks turn crypto to

According to the current Bloomberg Cover The residents of the Eurasian country have their focus in early May before the presidential elections in the largest stage capitalization - USD - shifted. The interest remained even after her completion, which Erdogan saw, high Win by receiving 52 % of the vote.

A possible factor that urges people in Turkey to turn to the cryptocurrency industry could be the devaluation of the national currency, which recently reached a record low compared to the US dollar. Currently, $ 0.042 is $ 0.042, while at the beginning of 2020 (at the beginning of global Covid 19 pandemy) it was worth about $ 0.15.

USD has developed into a safe port for some locals who try to keep their assets in the middle of the worrying inflation environment. The asset remains linked to the US dollar and offers Turks a relatively safe and easy way to get into the crypto sector.

On the other hand, domestic regulatory authorities have restricted the purchase of dollars and even gold with the Lira, which gives cryptocurrencies a more important status. Ebru Güven - university lecturer and former banker - reveals further details:

"Investments in StableCoins enable people to keep the value of their assets; this is one of the possibilities to keep a certain value if inflation is so high. This is currently the only motivation for people to buy stablecoins."

Answer of the locals

concerned about the condition of the Lira, some Turkish residents have invested all of their savings in the cryptocurrency market. One example is the 28-year-old graphic designer Batuhan Basoglu who reveals:

"Shortly before the election, because of the uncertainty about the future of the currency, I felt the urge to exchange my Turkish lira in US dollars. To secure myself for this risk, I bought Tether."

data der Cryptocurrency analysis providers Kaiko showed that the USDT trade volume on BTCTURK at the end of May (when Erdogan won the presidential elections) skyrocketed.

USDT trade volume USt trade volume on BtCTURK, KAIKO

Dessislava Aubert-an analyst of the company-told Bloomberg that the Turks were last so fascinated by the StableCoin in 2020.

"It is striking that the demand for stable coins in the Turkish markets has remained robust despite historically low volumes," she added.

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