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Is Bitcoin ‘hope for Turkey’ as lira suffers a steep decline
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ambcrypto.comPeople invest in cryptocurrency for different reasons. Many investors see in Bitcoin an opportunity to beat inflation and hence, they invest in it. Most of them would agree that cryptocurrency, especiallyBitcoin, is a great hedge against inflation. When inflation rises, and the value of fiat currency depreciates, BTC can provide a means to deal with such a crisis.
A currency crisis has shaken Turkey’s economy. The Turkish Lirahit a record low against the US Dollar after the central bank cut borrowing costs for the third month straight. Asreported by the Wall Street Journal, the bank slashed a “key rate by one percentage point.”
This gave rise to various speculations on price stability. As seen in the graph below, the Lira fell as much as 6%
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