Searches for Bitcoin (BTC) on Google in the last 24 hours have exploded across the country after the Turkish lira depreciated by 14 percent with the change of the central bank president.
According to Google Trends data, after the huge crash of the Turkish lira overnight, Bitcoin searches increased by 566 percent.
The Turkish lira plummeted by 14 percent after President Recep Tayyip Erdogan sacked the head of the central bank. Former Central Bank Governor Naci Ağbal was struggling with inflation by raising interest rates. According to the BBC News report, Ağbal’s dismissal caused confusion both at home and abroad.
The Turkish lira has recovered one-fifth of its value in dollars since the beginning of 2021. The central bank’s new head, Şahap Kavcıoğlu’s opposition to high interest rates in the fight against inflation aroused concerns, followed by a sudden 14 percent depreciation.
Bitcoin searches by Turkish citizens, which reached an all-time high, represent almost twice the searches made during the 2017-2018 bull market.
The Ministry of Treasury and Finance also recently announced that it will work with the central bank to create clearer regulations on crypto.