By CCN: Bitcoin bull Max Keiser has hinted that as Turkey’s economy worsens, Turks could turn to Bitcoin as a hedge. In a tweet, Keiser said that Bitcoin ‘will become a factor for Turks as hard money becomes hard to come by’.
— Max Keiser, tweet poet. (@maxkeiser) May 21, 2019
The broadcaster who hosts the Keiser Report show on RT is on point in making this prediction. Already, the Turkish Lira is the 5th most traded national currency for Bitcoin. In this regard, the lira is only eclipsed by the U.S. dollar, the yen, the won and the euro. It is ahead of the Canadian dollar and the British pound.
Turkish Lira now 5th most traded fiat currency for Bitcoin | Source: Coinhills
This comes at a time when Turkey’s central bank has loosened monetary policy sparking fears of increased inflation. On Tuesday, the Turkish financial regulator reduced repo auction rates by 150 basis points.
Political Uncertainty in Turkey to Aid Bitcoin?
Additionally, the Turkish economy is expected to take a hit following a prolonged electioneering period. After holding local elections more than a month ago the ruling party AKP lost in key cities. Consequently, President Recep Tayyip Erdogan’s party earlier this month called for a rerun in Istanbul citing ‘irregularities and corruption’. The political uncertainty is expected to worsen the economic situation in the country.