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Turkey, located at the junction of Europe and the Middle East, hit a new record low against the US dollar last week, reaching 7.95 Turkish liras to 1 US dollar. CNBC reported that analysts predict that the Turkish lira may continue to depreciate and may soar above the 8.5 mark, thereby boosting the momentum of Bitcoin in the local area.

According to CNBC, the exchange rate of the US dollar against the Turkish lira has risen by about 33% this year, from 5.945 Turkish liras to 7.95 today. The rigid policy implementation of the Turkish government has led to the Turkish lira on a long-term weak track; analysts even believe that this figure will eventually reach above 8.5.

 Bad policy

Angus Blair, who once worked at Cairo Bank and is now a professor at Cairo University, said on the CNBC program that in addition to the inefficiency of the Turkish government in monetary policy and foreign exchange reserve management, the military conflicts and territorial disputes that it intends to participate in are increasing, further exacerbating investors' fears of Turkey.

He said that Turkish President Recep Tayyip Erdogan has not only lost control of foreign policy, but also has increasingly increased control over the Turkish central bank, leading to uncertainty in the local economic situation. It is understood that Erdogan has repeatedly criticized the benchmark interest rate and has repeatedly refused the central bank to fight inflation by raising interest rates, causing Turkey's inflation rate to exceed 11% so far this year.

Tatha Ghose, an analyst at Commerzbank, also said that the potential problem of the Turkish lira is that the country's central bank lacks a reliable inflation target and will eventually face the fate of currency depreciation; in addition, the Turkish central bank's foreign exchange reserves have fallen to negative numbers, but capital outflows have not stopped.

CNBC reported that Turkey is suffering from inflation and the unemployment rate has exceeded an outrageous 14%. Steve H. Hanke, an economics professor at Johns Hopkins University (JHU), pointed out that Turkey's annual inflation rate has reached 36.57% and is still rising; at the same time, the country's foreign exchange reserves have dropped sharply by $10 billion since July, and now only have about $41.1 billion.

The Turkish lira is finished; Turkey is burning its foreign exchange reserves like a house on fire.

 Bitcoin popularity rises

Regarding Turkey's plight, Ray Youssef, CEO of Bitcoin P2P trading platform Paxful, said last week that the rising inflation rate of the Turkish lira has become the most important economic burden for local citizens. He said that Bitcoin can be used to store value, preserve wealth, ease the volatility of the Turkish lira, and relieve the pressure on the people.

Paxful revealed in the article that the number of new registrations on the platform in Turkey has skyrocketed by 274% in the past year. Paxful said they see great potential for the adoption of crypto in Turkey; to this end, Paxful has established strategic partnerships with local cryptocurrency companies, including local exchange Cointral and Turkish lira stablecoin provider BiLira.

In fact, according to a report released by blockchain analysis company Chainalysis in September, Turkey is currently the leader in cryptocurrency adoption in the Middle East. The report wrote that Turkey ranks 29th out of 154 countries in the world in the global cryptocurrency adoption index, and its total trading volume is the highest in the Middle East, along with Iran (52nd) and Egypt (64th).

Although Turkey has not yet issued any cryptocurrency-related regulations, Turkey's Capital Markets Board (CMB) is designing a framework to oversee the cryptocurrency market. It is worth mentioning that in Turkey, with a population of more than 84 million, 99.8% are registered as Muslims, and according to an expert in Islamic law, cryptocurrencies are legal commodities in doctrine.