Turkey witnessed a search engine explosion on Google with the Bitcoin searches this weekend after the national currency, Lira dropped to nearly 15%.
Turkish residents are searching for Bitcoin after a significant drop in the value of the currency within a few days. Turkish President Erdogan announced the removal of the Head of the country’s central bank last week. The national currency dropped remarkably following the news.
Google Search Spiked Nearly 500% in Turkey
According to the latest data from Google Trends, the number of searches for Bitcoin escalate nearly 500% within a few hours after the news of Lira’s crash. The removal of the Governor of the Turkish Central Bank is seen as the chief reason for the drop in the national currency. Lira dropped from 0.14 to 0.12 against the US Dollar.
The country’s Finance Ministry mentioned earlier this month that it is collaborating with regulatory authorities for a clear framework in the country for Bitcoin and other cryptocurrency assets. As there is no clear regulatory framework for crypto companies in Turkey.
Earlier this month, the finance minister mentioned on Twitter that “We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry. We are collaborating with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board within this frame under the presidency of Deputy Minister.”
Bitcoin Adoption Against National Currency Inflationary Hedge
Analysts evaluate Bitcoin as an inflationary hedge against national currencies. Bitcoin adoption in countries with high inflation has been on the soar since the beginning of 2020. Clearly, the Turkish Lira has lost more than 50% of its value against the US Dollar in the last 4 years. The recent dribble in Lira has accelerated the demand for the world’s digital gold, Bitcoin.
The current market cap of Bitcoin is more than $1.08 trillion and market dominance of around 60.2%. The first cryptocurrency is gaining popularity among Turkish citizens due to the depreciation in their national currency.