{"id":184936,"date":"2021-03-22T19:34:19","date_gmt":"2021-03-22T19:34:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=184936"},"modified":"2021-03-22T19:34:19","modified_gmt":"2021-03-22T19:34:19","slug":"bitcoin-google-searches-spike-5x-in-turkey-while-the-lira-falls-15","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-google-searches-spike-5x-in-turkey-while-the-lira-falls-15\/","title":{"rendered":"Bitcoin Google searches spike 5x in Turkey, while the Lira falls 15%"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Google searches for\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bitcoin<\/span><\/a><span data-preserver-spaces=\"true\"> soared today in Turkey, surging 566% in Google Trends after the Turkish Lira plunged 15%.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">A strong reaction from investors<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Over the weekend, Turkish President Recep Tayyip Erdogan fired Naci Agbal, the Central Bank Governor, and replaced him with Sahap Kavcioglu \u2014a former banker and avid critic of Agbal's monetary policies.<\/span><\/p>\n<p>Local and foreign investors reacted negatively \u2014 trading sessions were suspended in the morning after the Lira plummeted below 15%. Timothy Ash, market strategist at Bluebay <a href=\"https:\/\/www.cnbc.com\/2021\/03\/22\/turkeys-lira-plunges-after-erdogan-sacks-central-bank-chief.html\">said<\/a> the approach was &#8220;idiotic&#8221; in a client letter:<\/p>\n<blockquote><p>\u201cThis is a truly idiotic decision by Erdogan and markets will express their opinions on Monday and it is likely to be an ugly reaction.&#8221;<\/p><\/blockquote>\n<p>The general assumption is that Erdogan fired Agbal after he decided to keep interest rates high, attempting to stabilize inflation. The president has his economic brand, called &#8220;Erdonomics&#8221; in which he believes high rates eventually lead to inflation.<\/p>\n<h2>Turks exploring Bitcoin<\/h2>\n<p>Investors have praised Agbal's monetary policy, attracting foreigners by keeping an interest rate of 19%. Bitcoin seems like an alternative hedge fund for its citizens, as many are fearful that Erdogan's authoritarian approach will hurt the economy in the future.<\/p>\n<p>Per Hammarlund, a SeniorSstrategist at SEB <a href=\"https:\/\/www.bbc.com\/news\/business-56479702\">stated<\/a>:<\/p>\n<div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\">\n<div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\">\n<blockquote><p>&#8220;The authorities will be left with two choices, either it pledges to use interest rates to stabilise markets, or it imposes capital controls. Given the increasingly authoritarian approach that President Erdogan has taken, capital controls are looking like the most likely choice.&#8221;<\/p><\/blockquote>\n<\/div>\n<\/div>\n<p>Investors are also doubtful that the central bank will achieve better policies under Erdogan's new governor. The bank stated:<\/p>\n<blockquote><p>&#8220;We will continue to use the monetary policy tools effectively in line with its main objective of achieving a permanent fall in inflation.&#8221;<\/p><\/blockquote>\n<h2>Bitcoin searches spike in Turkey<\/h2>\n<p><a href=\"https:\/\/trends.google.com\/trends\/explore?date=now%207-d&geo=TR&q=Bitcoin\">Data<\/a> from Google Trends shows how Bitcoin searches spiked in the country. Besides, citizens are also seeking peer-to-peer exchanges like LocalBitcoin. The recent rush for Bitcoin <a href=\"https:\/\/localbitcoins.com\/buy-bitcoins-online\/TRY\/\">set<\/a> the minimum Ask price by over 520,000 TRY.<\/p>\n<figure id=\"attachment_184950\" aria-describedby=\"caption-attachment-184950\" style=\"width: 1152px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-184950 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/BTS.jpg\" alt=\"Google trends search data Bitcoin\" width=\"1152\" height=\"592\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/BTS.jpg 1152w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/BTS-300x154.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/BTS-1024x526.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/BTS-768x395.jpg 768w\" sizes=\"(max-width: 1152px) 100vw, 1152px\" \/><figcaption id=\"caption-attachment-184950\" class=\"wp-caption-text\">Google trends search data for &#8220;bitcoin&#8221; in Turkey<\/figcaption><\/figure>\n<p>Bitcoin saw strong resistance levels <a href=\"https:\/\/cryptoslate.com\/markets-wrap-bitcoin-ethereum-see-resistance-while-vechain-vet-sets-ath\/\">over the weekend<\/a>, reaching $59,800, and is currently trading at $57,000. If this aggressive approach by Erdogan further affects the Lira, Turkish citizens may turn to crypto exchanges to buy crypto-assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Google searches for\u00a0Bitcoin soared today in Turkey, surging 566% in Google Trends after the Turkish Lira plunged 15%. A strong reaction from investors Over the weekend, Turkish President Recep Tayyip Erdogan fired Naci Agbal, the Central Bank Governor, and replaced him with Sahap Kavcioglu \u2014a former banker and avid critic of Agbal&#8217;s monetary policies. Local [&hellip;]<\/p>\n","protected":false},"author":576,"featured_media":184989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Google searches spike 5x in Turkey, while the Lira falls 15%<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-google-searches-spike-5x-in-turkey-while-the-lira-falls-15\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Google searches spike 5x in Turkey, while the Lira falls 15%\" \/>\n<meta property=\"og:description\" content=\"Google searches for\u00a0Bitcoin soared today in Turkey, surging 566% in Google Trends after the Turkish Lira plunged 15%. A strong reaction from investors Over the weekend, Turkish President Recep Tayyip Erdogan fired Naci Agbal, the Central Bank Governor, and replaced him with Sahap Kavcioglu \u2014a former banker and avid critic of Agbal&#039;s monetary policies. 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