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Turkey’s Lira Weakens as Bitcoin Price Sets All-Time High

Turkey’s Lira Weakens as Bitcoin Price Sets All-Time High

Turkish inflation continues to rise as the month of October ends. The consumer prices last month rose from 14.95 to 16.5%, which is not good.

This rate exceeds the official year-end estimate of 13.5% for food inflation. Meanwhile, Lira also faces challenges in terms of its fiat value against digital assets and other fiat currencies.

Source: BTC/TRY (Tradingview)
Source: BTC/TRY (Tradingview)

In the world of digital assets, Lira (TRY) is on its knees against Bitcoin’s uptrend position. As a result, Bitcoin made another new all-time high (ATH) value. In the chart above, BTC/TRY trades at a high price of 117,871 TRY with a +381.37% since March 2020. This increase of almost 400% in Lira’s trading price versus Bitcoin is a sign that Lira’s purchasing power has declined.

Source: USD/TRY (Tradingview)
Source: USD/TRY (Tradingview)

On the other hand, the exchange rate of Lira versus the US dollar also experienced a price decline. As seen in the chart above, Lira’s price continues to plummet month-after-month since the start of the year. Today, the Lira conversion rate to the US dollar is equivalent to 0.12 US dollars per Lira. If the market continues to turn against the currency, the country’s inflation rate might increase before the year ends.

Moreover, Bitcoin is a digital currency that is acknowledged worldwide. In a report, Bitcoin, aside from Turkey, set a  new ATH record in other countries. This is an indication of how advantageous it is to invest in the coin today.

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