Economy: Turkish lira crashed, people rushed into crypto

Bitcoin – Donald Trump announced that United States was doubling its tariffs on the import of Turkish steel and Aluminum. Turkish lira was dumped, -20% against the dollar in a few hours. Big demand on Bitcoin, Ethereum and other cryptos started immediately, the demand was so big that people was selling above 10% market price.

Despite the bear market that cryptocurrencies are suffering since December people still believes on cryptos as their best option to hold and grow their savings. Better than Turkish lira. The future of FIAT doesn’t look good at all, global trade wars are taking over and governments are forced to inflate their local currency.

The problem in Turkey is that government disallowed people and business from sending turkish liras to another country or to exchange them for other countries currencies.

Bitcoin life saver in Turkish lira scandal

Bitcoin and cryptocurrencies are gaining more prestige and trust all over the world. What would happen if another economic crisis take place? Where would that money go? How much money could enter cryptospace? Are we far of this crisis? If a change in steel and aluminium tariffs provoke Bitcoin being trade 10% above market price how much would people pay in another scenario? Food for thought…

Turkish cryptocurrencies exchanges reported an important volume boost over the past days. Koinim one of the biggest Turkey’s exchange had more than a 50% increase in their trading volume.
LocalBitcoins trading volume wasn’t affected that much tho.

Localbitcoins Turkish Lira:BTC volume

 

Bitcoin.org also reported an increase of 42% of turkish visitors to their website.

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