The Turkish lira has lost more than 60% of its value against the US dollar this year. Shocking statistics show that inflation in Turkey reached an alarming 21.7% in November. These numbers have put citizens in trouble as the rapid depreciation continues.
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Partly due to this significant drop in value, the Turkish population has turned to crypto as a hedge against inflation. As a result, crypto activity in the country has risen sharply and Bitcoin is the most adopted by citizens.
The Turkish president continues to argue that the rate cut in 4 consecutive months is in the interest of stimulating the economy through business growth. Under ideal circumstances, the country's top bank should raise interest rates. However, Erdogan has called such economic instruments “the mother and father of evil”.
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