When Currencies Fail: ‘Bitcoin’ Google Searches in Turkey Rise 400% as Lira Crashes

The Turkish lira plummets as much as 17% after the surprising firing of Turkey’s central bank governor.

March 22, 2021

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Nathaniel Whittemore

The Turkish lira plummets as much as 17% after the surprising firing of Turkey’s central bank governor.

This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus.

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Today on the Brief:

Nigeria central bank reversing stance on crypto ban?
“The least responsible fiscal policy of the last 40 years”
Scaramucci’s firm files fifth bitcoin ETF application

Our main discussion: the crash of the Turkish lira. In this episode, NLW looks at the last few years of Turkish monetary policy, inflation and currency crisis, focusing on:

The seesaw shifts between inflation and crisis on the one hand and interest rate hikes on the other
The sour legacy of intervention in the central bank by President Erdogan
Why the Turkish lira had actually increased 3.07% against the dollar in 2021 before this

Finally, he examines why some think the only tool left in the Turkish central bank’s tool kit to fight inflation is currency controls, and why this is driving people to explore bitcoin as an escape valve.

Image credit: Fyletto/iStock/Getty Images Plus