Bitcoin search in Turkey up 566% after Turkish lira falls 14%

Google searches for bitcoins (BTC) originating in Turkey exploded in the last 24 hours after the value of the Turkish lira fell by 14% following the release of the central bank governor.

According to data from Google Trends, the number of bitcoin searches reached 566% in the hours immediately following reports of lira extinction.

Search for bitcoins from Turkey for more than 24 hours. Source: Google Trends

After Turkish President Erdogan ousted the governor of the central bank, the value of the lira fell by 14%. Former Governor Nac Agbal has been credited with attributing the lira from historic lows, in part by raising interest rates in the fight against inflation. Its abrupt removal allegedly shocked both domestic and foreign investors, news BBC news.

Only since the beginning of 2021 has the Turkish lira gained one-fifth of its value against the US dollar. The recent decline of 14% was prompted by fears that the progress made by Naci Agbal could be undermined by the appointment of a new governor, Şahap Kavcıoğlu, a banker and politician who is said to oppose the use of high interest rates to fight inflation.

The increase in the number of searches for bitcoins by Turkish citizens is the highest in history so far, which is almost double the number of searches recorded during the bulls period 2017-2018.

It is not just Turkish citizens who are diligently looking at cryptocurrencies. In early March, the Turkish Ministry of Finance and Finance announced that it will work with the central bank in liaison with regulators to establish clear guidelines for the use of cryptocurrency.

“We share growing concerns about cryptocurrency with the rest of the world.” The development (in the field of cryptocurrencies all over the world) and the state of cryptocurrency in Turkey is closely monitored by our ministry, “the ministry announced at the time.

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