Bitcoin hits new all-time high in Turkey as fiat currency lira goes into freefall

Bitcoin (BTC), despite its recent price correction, has disappointed investors. However, BTC hodlers in one country are now more relaxed than ever.

TradingView data on November 23 confirmed that Bitcoin had reached new all-time highs in comparison to the Turkish lira.

Bitcoin passes 700,000 lira

Turkey is currently in a currency crisis, as President Recep Tayyip Turkey pushes for low interest rates.

This has led to the collapse of the liras currency rate. USD/TRY gained 14% on Tuesday, bringing it above 13 for the first-time.

Chart of USD/TRY for 1-day. Source: TradingView

Turks are seeing their purchasing power drop in real time, but those who have a BTC allocation can see the benefits of hard cash more clearly than ever.

BTC/TRY hit 723,329 Turkish Lira Tuesday in Binance. This is the latest in a string of all-time highs that have been almost non-stop.

BTC/TRY 1-day Candle Chart (Binance). Source: TradingView

MicroStrategy CEO Michael Saylor said that “Bitcoin was hope for Turkey.”

“The currency lost a third its value since March, and has been declining for nine consecutive years.” The currencys collapse will be slowed by conversion from TRY to USD, but the adoption of BTC will reverse it and revitalize the economy.

“Bitcoin marketing departments”

According to its own data BtcTurk was one of a few homegrown exchanges that handled approximately 1,000 BTC ($56.7 Million) in volume over the past 24 hour on its BTC/TRY pair.

Related: El Salvadors Dollar debt plunges on Bitcoin bond plans

Analyst Lex Moskovski said that central banks are only Bitcoin marketing departments.

Erdogan declared war on cryptocurrencies in September, and the exchange sector has been struggling under his leadership.

Thodex, another platform, was the subject of a scandal in the beginning of this year. It had shut down and its CEO Faruk Fatih Ozer fled with $2 billion worth funds.

Ozer is still free despite the jailing of at most six of his associates and the failure of his business venture.