As per data provided by Google Trends, the count of searches for Bitcoin jumped 566% within hours of news reports highlighting the weakness in lira.
The value of Turkish lira declined steeply by 14% after Turkey’s President Erdogan removed the country’s central bank governor. Notably, ex-governor Naci Agbal had often received the praise for pulling the lira out of historic lows, partially by boosting interest rates to battle inflation. The sudden removal had jolted domestic and foreign investors.
The Turkish lira had appreciated by about 20% against the greenback since the start of this year. The latest 14% decline was sparked by worries that an unwinding of the improvement achieved by Naci Agbal could happen with the appointment of Şahap Kavcıoğlu as the new governor. Notably, the new governor is not only a banker, but also a politician who was against the use of interest rate hike to control inflation.
The count of searches for Bitcoin by Turkish residents hit an all-time high, roughly double the count of searches posted during the bullish rally three years before (2017-18). Interestingly, in addition to Turkish residents who are exploring cryptos, earlier this month, the country’s Ministry of Treasury and Finance stated that it would join hands with the central bank and other regulatory organizations to draft precise rules related to the utilization of cryptocurrencies.
The ministry said “We share the rising concerns about crypto with the rest of the world. The developments (on crypto around the world) and the state of crypto in Turkey are closely monitored by our ministry.”