Bitcoin Hits All-Time Highs Against Turkish Lira As It Collapses

In a historic event for a G20 country, the Turkish lira is in free fall and making the case for a bitcoin hedge.

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Source: Bloomberg

The president’s aim with lowering rates is to increase economic growth, decrease unemployment and spark more exports. Yet, it is the Turkish citizen who faces a severe decline of purchasing power at an unprecedented rate during a period of soaring prices and political instability.

With the currency’s value eroding at this accelerated pace, bitcoin is hitting new all-time highs against the Turkish lira. This year, it has proven to be the best-performing store of value when compared against U.S dollar and gold alternatives. Money will flee to assets that can maintain local purchasing power and bitcoin offers the exact solution to the type of chaos that is unfolding. The bigger question now is, ”How will the Turkish people respond?”

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