Turkey’s Inflation Is An Example Of Why We Need Bitcoin
Increasingly expensive groceries, wages unable to keep up and desperation amongst the people are proof of the necessity of decentralized currency.Turkey is a cautionary tale and perhaps a harbinger of things to come for other countries with weakening currencies. The Turkish lira has fallen by nearly 45% against the dollar so far this year and has plummeted as much as 20% in one week. Economists believe that Turkey could be on the brink of hyperinflation as year-to-year Consumer Price Index could end up over 30% in the coming months. While experts blame the Central Bank of the Republic of....
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Inflation has skyrocketed in Turkey as official figures from the Turkish Statistical Institute (Tüik) show the country’s inflation rate topped 85.5% year-on-year. The inflation rate in Turkey has risen for 17 consecutive months and last month it reached a 24-year high. Turkey’s Interest Rate Remains Low, While Inflation Runs Rampant Turkey, the transcontinental country located in Western Asia has been suffering from financial hardship as the region’s economy is in dire straits. On Nov. 3, 2022, the Turkish Statistical Institute (Tüik) published the country’s official inflation rate....
The Republic of Turkey’s economy and the country’s native fiat currency the Turkish lira continue to experience turmoil as inflation has risen to 36%. Since this time last year, the lira has lost 44% of its value against the U.S. dollar. Meanwhile, the use of stablecoins in Turkey has skyrocketed and today, 28.96% of all trades with tether are paired against the Turkish lira.
Inflation in Turkey Rises to the Highest Level in 19 Years, TRY Is Tether’s Top Pair Capturing 29% of All Trades, TRY Commands 7.20% of BUSD Trades
Reports from the....
The latest data from the Turkish Statistical Institute (TSI) shows that rising transportation and food costs were some of the key factors contributing to the surge in the country’s inflation rate to 70%.
Economic Revival Efforts Not Bearing Fruit
Rising commodity prices and increased transport costs are some of the key contributing factors behind the surge in Turkey’s inflation rate to 70%, the latest data has shown. On a month-to-month basis, however, April prices are only 7.25% higher, data from the Turkish Statistical Institute (TSI) shows.
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The popularity of cryptocurrencies in economically embattled Turkey has continued to surge with the number of daily trades now surpassing one million, a report has said. This surge in trades has been attributed to the depreciating lira which plunged to a new low against the USD on December 20. Lira Plunges Cryptocurrency trades in inflation-stricken Turkey have surged to above one million per day for the first time since March, a Reuters report citing Chainalysis and Kaiko data has said. According to the report, the return to over a million trades per day has come at a time when....
Uniswap’s UNI token distribution paid nearly half of the tuition for students who attended one “Crypto 101” course. Students enrolled in the class “Introduction to Cryptocurrencies” at Turkey’s Kadir Has University were the unexpected winners of Uniswap’s UNI token distribution on Sept. 17. İsmail Hakkı Polat, one of two lecturers of the class, told Cointelegraph Turkey that all students who, as part of a class project, participated in listing and swapping a token on Uniswap received 400 UNI. In Turkey’s local currency, it was valued at roughly 12,000 liras, or around $1,570, which....