The Turkish Lira has fallen 44% over the last year. Inflation reached a 19-year high of 36% December 2021 due to the currency crisis. Since September, the lira lost 40% against the dollar.

An increase in living expenses can lead to a drop in household earnings and many people in poverty are forced to protest the government.

Turks used to put money in U.S. Dollars, Euros, and Gold for many years. However, the recent rise of crypto-assets has provided a way to invest your earned money.

According to WSJ, in Istanbul, the largest city in Turkey, advertisements for crypto exchanges have begun appearing on public transport, billboards, and in one of the city’s airports. Shops selling have been seen by foreign currency exchange and gold places.

The stablecoin, tether has an identical value to the dollar and is very popular with Turks. Following the U.S. dollar, Turkish lira was the second-most traded fiat currency for tether.

“The senseless policies regarding rates, diminishing trust for published statistics regarding inflation and political decisions…made cryptos a safe haven, even though cryptos are rather risky and volatile financial assets,”
said Kağan Şenay, a 27-year-old trader from Turkey.

Flipside

• In countries with large distrust of governments, cryptocurrencies are growing in popularity. It includes Venezuela, Lebanon and many African countries.

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