The Turkish lira has become so volatile that Turks have ditched the local currency for assets with an even riskier reputation: cryptocurrencies
. Bitcoin initially jumped almost 40% against the dollar by early November, but is now down more than 10%.
Cryptocurrencies have grown in popularity in Turkey and parts of the developing world where distrust of government economic policies is high. Nigerians use bitcoin for payments after currency devaluations and tight control over access to foreign currencies. El Salvador last year became, after two decades of having its economy tied to the U.S. dollar.
Stablecoins such as tether are also used as a gateway to trade in and out of positions in more volatile coins such as bitcoin and ether. Turkish crypto exchange Bitlo experienced a pickup in the number of new traders last quarter as the lira’s value cratered, said Esra Alpay, the firm’s chief marketing officer.How do you think Turkey’s experience with cryptocurrencies will play out? Join the conversation below.
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