Turkey is losing interest in their national currency – Turkish Lira – and many Investors are looking towards Bitcoin for the answer.
The Turkish Lira has fallen by 46% against the dollar this year.
Many Investors look towards Bitcoin for stability.
Cryptocurrency is Halal, but why did Turkish authorities say its not compatible with Islam
Bloomberg’s latest report on the Turkish Lira, “Turkey Meltdown Propels Lira Volatility Above Bitcoin.” states that the National currency is now more volatile than Bitcoin.
The publication added “The 10-day swings in the lira relative to the U.S. dollar now exceed those for Bitcoin amid Turkey’s escalating currency crisis,”
One out of every five Turks has invested in crypto and this statistic is set to change with the current economic crisis happening in the country.
18 percent of Turks own some form of cryptocurrency which is double the European average of 9 percent. Many are experts are surprised by this fact considering the country is run by a Dictator.
Most people know “If you control the money, you control the people”. If the Turkish people continue to adopt Bitcoin, Erdogan’s noose will become slacker on the necks of his people.
Data gathered by Google indicates that interest in Bitcoin and Cryptocurrency has increased over the past month. Therefore, as the situation gets worse, this interest will only increase.
Volume from a number of local exchanges has also increased by over 150 percent the past week.
Lawmakers within turkey have suggested Bitcoin as not being compatible with Islam.
However a report by The Independent said that: “An Islamic scholar has declared bitcoin permissible under Sharia Law, potentially opening up the cryptocurrency market to investment from 1.6 billion Muslims around the world.”
With capital controls being introduced in Turkey expect a black market for hard currency to develop which will be reflected in a premium in Bitcoin prices in Turkey. $TRYhttps://t.co/VbHpCkqU7W pic.twitter.com/CEmCYODKyB
— BambouClub [BitMEX] (@BambouClub) August 13, 2018
Turkey could one day follow the band wagon of other developing countries and create a National Cryptocurrency to circumvent sanctions.