Turkish citizens buy bitcoin despite the decline in the value of the cryptocurrency

The inflation rate in Turkey has reached its highest level in 24 years and is currently over 78% for the year. That is why citizens of the country invest their savings in cryptocurrencies, hoping that it will protect their financial situation.

Thus, according to LocalBitcoin analysts, the volume of BTC trading in 2022 increased significantly compared to 2021. In the first quarter of 2022, bitcoin was bought 51% more than at the same time last year.

In the midst of economic turmoil, the Turkish government is resorting to various methods to protect the country’s financial system, one of which is allowing Turkish citizens to convert their gold savings into fiat currency. According to preliminary estimates, the Turks own $ 300 billion in gold. However, the population is currently more favorable to investing in cryptocurrencies. The residents of Argentina have a similar position, as they are seeking to invest their savings in crypto assets due to rising inflation in the country.