Bitcoin Surpasses ₺3.9 Million as Turkish Lira Reaches New Low
Bitcoin has surged past ₺3.9 million in Turkey, driven by the weakening of the local currency against the U.S. dollar. The lira is trading at around 48.8 per dollar, extending a long-term decline despite high interest rates set by the Central Bank of Türkiye. This dual effect—Bitcoin rising in value and the lira losing purchasing power—is amplifying BTC/TRY gains for Turkish investors. Over the past month, Bitcoin has gained approximately 16% against the lira, with sharp increases observed on Sept. 18 alone when it rose nearly 6%. The broader context includes Turkey's ongoing inflation challenges, where consumer prices increased by 31.51% year-over-year in August. Despite tight monetary policy and a repo rate of 37%, underlying inflation remains high due to rising energy costs. The BTC/TRY surge highlights how cryptocurrency returns can vary significantly depending on the currency used for measurement. For Turkish investors, Bitcoin is not only an investment but also a hedge against local-currency devaluation.
Topics: Bitcoin crypto adoption currency devaluation Turkish Lira (TRY)