Get Free Trading Signals Your capital is at risk.

Bitcoin Google Search in Turkey Surges After Turkish Lira Drops 15%


After the Turkish lira depreciated by almost 15% with the sacking of the central bank president, searches for Bitcoin on Google in the last 24 hours have exploded across Turkey.

March 22, 2021 | AtoZ Markets Searches for Bitcoin (BTC) on Google in the last 24 hours have exploded across the country, after the Turkish lira depreciated by 14% with the change of the central bank president .

According to Google Trends data,  after the huge crash of the Turkish lira overnight, Bitcoin searches increased by 566%.

Bitcoin Google Search in Turkey Surges After Turkish Lira Drops 14%

Bitcoin calls in the last 24 hours in Turkey. Source: Google Trends

The Turkish lira plummeted by 14% after President Recep Tayyip Erdogan sacked the head of the central bank. Former Central Bank Governor Naci Ağbal was struggling with inflation by raising interest rates.  According to the BBC News report, Ağbal’s dismissal caused confusion both at home and abroad.

The Turkish lira has recovered one-fifth of its value in dollars since the beginning of 2021. The central bank’s new head, Şahap Kavcıoğlu’s opposition to high interest rates in the fight against inflation aroused concerns, followed by a sudden 14% depreciation.

Bitcoin searches by Turkish citizens, which reached an all-time high, represent almost twice the searches made during the 2017-2018 bull market.

The Ministry of Treasury and Finance also recently announced that it will work with the central bank to create clearer regulations on cryptos.

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment