Leading with the headline “Turkey Meltdown Propels Lira Volatility Above Bitcoin,” Bloomberg became the latest publication to reveal the full extent of the Turkish national currency’s devaluation this year.
Turkey has seen an uptick in consumer interest in Bitcoin since the lira, which had already halved in value against the dollar since January, rapidly slid to all-time lows over a raft of geopolitical factors.
As lawmakers enact capital controls, cryptocurrency’s status in the country remains uncertain. Despite Turkey’s official stance appearing to suggest Bitcoin is not compatible with Islam, local exchanges continue to receive full banking support, Forbes notes this week.
That trend could continue, commentators claim, if the economic situation does not stabilize.