Since the beginning of 2020, the Turkish Lira exchange rate has fallen by more than 20%. Local investors are in a real panic.
They are massively buying gold and dollars. Inflation approached 12% on an annualized basis. The Turkish bitcoin exchange BtcTurk, together with the Istanbul University Statistics Center, surveyed its users and found out that people's interest in cryptocurrencies is fast growing.
First of all, this applies to bitcoin. Turkish confidence increased by 23%. The volume of coin transactions has doubled compared to February 2019.
More and more Turkish traders believe that their capital will not be saved by the US dollar, but by gold and bitcoin.
A similar situation is observed in many countries where the national currency is rapidly depreciating. For example, very high demand for bitcoin as a hedging tool for inflationary risks is recorded in Argentina and Venezuela.