Lira Plummets, fueling Bitcoin

in #bitcoin • 3 years ago

President Recep Tayyip Erdogan (Turkey's president) replaced the country's central bank chief (Naci Agbal), sending lira tumbling down to its low since November.

This sudden news will have an effect on financial markets and emerging markets (one's that have exposure to lira).

The yield on the 10-year Treasury has fallen to 1.688% (9:00 a.m. EST). USD to TRY (lira) hit a high of 8.28 (03.21.21)

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With the departure of Naci Agbal, there could be capital controls implemented (due to high inflation rate in Turkey). Searches for bitcoin in Turkey has increased according to Google Trends. Now, there is a possibility that people in Turkey could dive into bitcoin if lira continues to decline and if inflation increases.

Will inflation increase and lira continue to decline? Is this another catalyst for bitcoin to increase?

#crypto #steem #lira #inflation #currency
3 years ago in #bitcoin by
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