Free Fall Turkish Lira: Time for Plan B?

The national currency of Turkey is devaluing so much that Bitcoin is already trading there at an all-time high. Time for plan ₿?

The message could read: “Bitcoin hits all-time high”, but that would be misleading. Because the rate of the crypto key currency is typically measured in US dollars. However, it would not be wrong. Because Bitcoin is actually chasing one all-time high after the other these days – but in Turkey. A unit of digital gold costs around 773,291 Turkish Lira (TRY) in the country on the Bosporus at the time of writing. For comparison: A month ago the price was 625,000 TRY – an increase of 25 percent within 30 days. During the same period, Bitcoin was up 21 percent as measured in USD please. In other words: Despite a flagging Bitcoin rate, digital gold in Turkish Lira is recording new highs.

Even if some Bitcoiners are mischievously happy: The decline of the Turkish national currency due to political banter is a tragedy. Crypto influencer @TheCryptoDog sums up the events aptly.

Because despite all the joy for those who seek their salvation in deflationary money, the majority of the Turkish population should currently have little to smile about. The currency has been in free fall for months. In the last 12 months alone, the lira has lost around 50 percent of its value. Viewed clearly, this means that goods in the country are becoming more and more expensive – especially imported goods. The savings are also vanishing into thin air.

Sparkasse wants to build Bitcoin wallet

He also made headlines this week German Savings Banks and Giro Association (DSGV), more precisely the payment specialist S-Payment. Because as BTC-ECHO had already reported on Monday, December 13th, the association confirmed that it was working on a solution for crypto entry.

In issue # 84 of the BTC-ECHO podcast, editor-in-chief Sven Wagenknecht said:

You wouldn’t necessarily have thought that at the Sparkasse. Because the savings banks are the largest financial institutions in Germany with 50 million customers. The most exciting thing about this is that the customers have already been verified. This means that you can very easily onboard customers without complex KYC measures.

Sven Wagenknecht

But Wagenknecht doubts whether it will be so far next year: “I rather expect 2023”. We stay tuned.

Volksbank Bayern Mitte is following suit

After the Bitcoin coup of the DSGV, direct competition followed immediately – albeit on a smaller scale. As BTC-ECHO reported on Thursday, December 16, the dares Volksbank Raiffeisenbank Bayern Mitte also a foray into crypto space. Specifically, it was about the custody and trading of the cryptocurrency. For this, the regional bank has already registered trademark rights for the “VR-BitcoinGoCard”.

Whether that too Federal Association of German Volksbanken Raiffeisenbanken (BVR) will follow suit remains unclear at first. A company spokeswoman revealed to BTC-ECHO:

The cooperative financial network of the Volksbanken and Raiffeisenbanken is pushing ahead with its strategic considerations in order to decide to what extent its customers should be able to directly trade and hold crypto currencies.

BVR towards BTC-ECHO

At Volksbank Bayern Mitte, on the other hand, they want to nail their heads. The regional bank is aiming for the start of the new Bitcoin services in the first quarter of 2022.

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Free Fall Turkish Lira: Time for Plan B?

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