Bitcoin.Org Sees 42% Surge in Turkish Visitors as Lira Currency Plummets
Over the past one week, the lira slipped over 20 percent against the US dollar. The currency, however, has been falling for some time now with and is down 80 percent against the US dollar for this calendar. Owing to the rapid depreciation, Lira has become one of the weakest currency in the world this year.
Prominent crypto-based personality @CobraBitcoin noticed the flood of Turkish Bitcoin.org users— a towering 42%. The increasing number of users comes amidst national economic turmoil, escalating problems with the US and a rapidly descending Lira.
There’s been a MASSIVE 42% increase in visitors to https://t.co/OsFgRFRRZb from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!
— CØ₿RA (@CobraBitcoin) August 13, 2018
This is where the biggest use case of Bitcoin comes in. The real value of Bitcoin and cryptocurrency resides not in its speculative potential, but in its ability to radically reshape traditional financial paradigms across the globe.
The slide in Lira is pronounced enough to garner the attention of the U.S. State Dept., who sent national security advisor John Bolton to meet with the Turkish ambassador to the U.S. on Monday.
Last week, Donald Trump announced that his administration would double aluminum and steel tariffs on Turkey in the wake of the Lira’s drop.
I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!
— Donald J. Trump (@realDonaldTrump) August 10, 2018
Trump's announcement came as Turkey's battered currency hit new record lows against the US dollar and euro on Friday. Investors are worried that Turkey’s relations with the US may be strained for a while.
“Our institutions will take necessary action from Monday in order to relieve the markets,” Turkey's Finance Minister Berat Albayrak said, adding that the plan would center on “the state of our banks and the small and medium-sized enterprises” most affected by the lira's plunge.