Bitcoin Interest Spikes in Istanbul Amid Turkish Currency Crisis

Bitcoin Interest Spikes in Istanbul Amid Turkish Currency Crisis

Citizens in Istanbul, Turkey’s largest city, began visiting Bitcoin.org in droves in the wake of the politically-driven currency crisis that has rocked the Eurasian nation and its lira over the past few days. That’s per the site’s co-owner Cøbra, who called the spike “MASSIVE.” It’s an interesting trend that casts BTC as an increasingly looked-to redoubt in nations where centrally mismanaged monetary policies have led to disaster. 

Also read: Coinbase Seeks to Speed up Crypto Adoption Through Communication, Simplification

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

As Turkish, U.S. President Butt Heads, Some in Istanbul Look to Bitcoin

Since August 10th, Turkey has been front and center in international headlines as the lira has acutely plummeted on the heels of a widening diplomatic spat between Washington and Ankara and growing domestic mistrust of Turkish President Tayyip Erdogan’s fiscal policies.

Accordingly, with “trust” at the fore, a spike of Istanbul citizens has visited Bitcoin.org, a leading Bitcoin information website. So said site administrator Cøbra, who called the episode another milestone in bitcoin “replacing fiat currencies as they fall apart!”

In the big picture, bitcoin is still in its adolescent years, and as such, it cannot currently provide an end-all-be-all solution to the Turkish people amid the lira’s nosedive. But it does provide an alternative beyond the reach of President Erdogan’s increasingly expansive fingers, and in light of Bitcoin.org’s recent influx of Istanbul visitors, it’s clear that dynamic will be enough for some in the nation to test the waters of cryptocurrency.

Bitcoin
Bitcoin.org’s elevator pitch for BTC – a decentralized alternative.

From Venezuela to Iran, growing trickle-down political strife has led more and more international denizens from the pain points of mainstream finance gone wrong toward the financial self-sovereignty possibilities of cryptocurrency. It’s a point worth considering as powerhouse services like PayPal are currently suspended in Turkey.

On the flip side, there’s bitcoin. And it can never be suspended.

Bitcoin David vs. Dollar Goliath

Of course, the acute collapse of the lira can be contrasted with the recent advance of the U.S. dollar, which had previously hit a three-year low earlier in 2018.

As the upstart outsider, BTC still has a long ways to go before it could seriously eye becoming the moneta franca of the world. But it’s not out of the realm of conceivability.

Some, like Kim Dotcom of Megaupload fame, have argued unabashedly that it’s not only conceivable that cryptocurrencies like BTC will win out, but inevitable.

That’s one end of the spectrum, to say the least. But it may seem prophetic if USD ever faces its own historic crash. Only time will tell for now.

What’s your take? Is BTC increasingly set to become a redoubt for citizens in the face of fiat strife? Let us know your thoughts in the comments section below. 


Images via Bitcoin.org, Pixabay

Related News