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Bitcoin Demand In Turkey Rises As Turkish Lira Reaches Five-year Low

Economies all over the world are crumbling and rocking to their core. Turkey, a country plagued by censorship, limited internet access, and other crimes, sees the value of the Lira drop a low. In fact, the Turkish Lira reached a  new low for the past five years. At the same time, the demand for Bitcoin seems to be going up every so slightly. An odd coincidence, or a mind shift taking place?

Seeing national currencies lose value against the Turkish Lira is not unexpected. Various currencies are going through similar struggles.The Chinese Yuan has been on a steady decline for quite some time now. Moreover, with financial turmoil brewing in the UK, Europe, and other Asian countries, the economic recovery remains highly unlikely.

As one would expect from a falling Turkish Lira value, the demand for Bitcoin is increasing. Not by a significant margin just yet, as using Bitcoin is a bit of a struggle in Turkey. With very strict governmental controls, a lot of Internet users remain hesitant when it comes to cryptocurrency. That is only normal, although Bitcoin continues to gain more mainstream traction.

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