If Bitcoin (BTC) shows a decline relative to the US dollar, then when paired with the Turkish liraThe main cryptocurrency has reached new record highs, according to TradingView data for November 23.
Turkey is unofficially grappling with the currency crisis as President Recep Tayyip Erdogan insists on keeping interest rates low.
These efforts resulted in a collapse in the lira exchange rate, with the dollar / Turkish lira rising 14% on Tuesday alone, topping 13 for the first time.
While residents of the country sadly note the decline in the purchasing power of the lira, those with bitcoins are more than ever convinced of the properties of bitcoin as a store of value.
On Tuesday, BTC/TRY reached 723,329 Turkish Liras on Binance, a new all-time high achieved under the ATH series.
Bitcoin is hope for Turkey, MicroStrategy CEO Michael Saylor wrote last week.
The currency has lost a third of its value since March, declining for nine consecutive years. Converting from TRY to USD will simply slow down the crash, and the transition to BTC will compensate for the damage and revive the economy.
According to its own data, over the past 24 hours, one of the local crypto exchanges BtcTurk processed about 1,000 BTC ($ 56.7 million) in BTC / TRY transactions.
Central banks are just the bitcoin marketing departments, said analyst Lex Moskovsky.
Turkey's crypto sector ran into trouble in September when Erdogan declared "war" on cryptocurrencies. Given the current situation, the country's president clearly has other enemies as well.