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Bitcoin Google Searches in Turkey Skyrocket as the Lira Tumbles 15% in a Day

The Google searches for bitcoin skyrocketed to new highs in Turkey earlier today. The sudden increase comes amid a 15% daily price drop for the Turkish lira following the decision of President Tayyip Erdogan to remove the governor of the country’s central bank.
Turkish Lira Plummets by 15% in a Day
Turkish President Recep Tayyip Erdogan shocked the country during the weekend by firing without any explanation the nation’s central bank governor – Naci Agbal. Although Erdogan failed to provide a reason, the general assumption is that the termination is a direct consequence of Agbal’s policy to keep the interest rates high.
The President has repeatedly outlined that he believes this measure leads to higher inflation. Interestingly, though, a Bloomberg image indicated that the Turkish lira gained a lot of ground during Agbal’s short term against the dollar.
TRY/USD. Source: BloombergShortly after removing Agbal, Erdogan replaced him with Sahap Kavioglu – banking professor and columnist in a pro-government newspaper.
Kavioglu, the fourth bank head appointed since July 2019, shares Erdogan’s belief that high interest rates lead to high inflation.
However, the Turkish markets and local currency didn’t react well to the weekend developments. The lira plummeted by 15% in a matter of minutes today against the dollar.
The pressure reached the nation’s stock market as the benchmark Borsa Istanbul 100 index sank by nearly 10%. The local and foreign currency bonds also plummeted.
Turkish People Turn to Bitcoin?
As the country’s economy suffered a major blow, some citizens seem …
Story continues on Crypto Potato

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Bitcoin searches in Turkey spike 566% after Turkish lira drops 14%

Searches for Bitcoin emanating from Turkey exploded after news broke regarding the 14% plunge in the value of the Turkish lira. Google searches for Bitcoin (BTC) emanating from Turkey exploded in the past 24 hours, after the value of the…