Digital Assets: High Inflation And Plunging Lira Push Bitcoin Adoption In Turkey

October 19, 2020 | Digital Assets, News

Turkey’s annual inflation is nearly 37%. “The lira is toast,” says Professor Steve H. Hanke, John Hopkins University.

New registrations on the P2P bitcoin marketplace Paxful’s platform in Turkey have surged 274% over the past year. Given Turkey’s prevailing hyper-inflation and its fast weakening currency, Paxful is confident that crypto adoption will make massive strides in the country. (

“The rising inflation of the Turkish lira has been a major financial burden for Turkish citizens,” observes Ray Youssef, CEO of Paxful. “Bitcoin can help preserve wealth against instability surrounding the Turkish lira.”

“The lira is toast,” said Steve H. Hanke, Professor of Applied Economics at the Johns Hopkins University and a hyperinflation expert, in a tweet on Sunday. “Turkey is burning through its foreign exchange reserve like a house on fire.”

Unsurprisingly, Turkey’s adoption of BTC leads in the Middle East. It accounts for the most total transaction volume in the region, according to Chainalysis, a blockchain analytics firm.

Bitcoin: Win some, lose some

While bitcoin appears to be on a roll in Turkey, a legendary bar and restaurant in Germany that was the first to ever accept cryptocurrency as a form of payment has permanently closed. (Coin Telegraph)

Room 77, the well-known Berlin-based watering hole and bitcoin hub has downed its shutters for good.

Founder Joerg Platzer said in a farewell note on Reddit:

“We are people from a solar system not yet discovered by humanity and have been watching your species for the last 30.000 years. We had reason to believe that Homo Sapiens will go the same way as Erectus, Neandethalensis, and the Denisovans. However, when we discovered that the Nakamoto guy invented Bitcoin, we realized that you do have a future.”

“It is clear by now that nobody will stop Bitcoin anymore. Sound money on a global scale will soon make it unfeasible to wage wars and it will create economic equality amongst mankind. We estimate it will take you less than another century to rise and join the intergalactic community.”

Thanks again for all the fish and the generous tips!

Related Story:   Tyler Winklevoss Predicts Investment “Tsunami” In Bitcoin

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