- Turkey inflation peaks for the worst whilst Bitcoin reaches an all-time high.
- Last month it was evident that the country had the worst-performing currency in the world.
- Today BTC reached 117,910 while the countries inflation appears to be increasing at an increasing rate according to the Bitfinex exchange.
Turkey Inflation peaks for the worst while Bitcoin climbs
The middle eastern countries inflation peaks for the worst whilst Bitcoin reaches an all-time high. The Turkish currency seems to be losing against Bitcoin and all other currencies.
Last month it was evident that the country had the worst-performing currency in the world. Today BTC reached 117,910 while the middle eastern countries inflation appears to be increasing at an increasing rate according to the Bitfinex exchange.
Last month, the countries inflation was at 11.9% and, Bloomberg predicts it will rise to a staggering 12.1% by the end of the year. The lira has lost 40% of its value against America’s currency.
The president of Turkey, Recep Tayyip Erdogan, felt the pressure and turned on its NATO allies along with the central bank as he wanted a low-interest rate.
The journey to Bitcoin
Bitcoin, unlike Turkey, is beating other currencies as its value is up by 90% this year. The digital currency is taking over the fiat currency not only in the middle eastern country but is slowly creeping up all over the world.
Turkey is the leading crypto adopter in the Middle East.
Turkish people going crypto
Countries in Latin America and Turkey have hyperinflation in common and, this is what is fuelling crypto adoption in both countries. The Government has failed to boost confidence in the lira, despite its attempts. Citizens in the country are not buying into the Governments campaigns.
Other fiat currencies that are struggling
Turkish money is not the only one that is experiencing turmoil. Argentina is also not doing well against BTC.