According tothe survey report releasedby Statista which included more than 15,000 people, more than 18 percent of the investors in Turkey have invested in digital currencies within a past few years.
Earlier this month, theU.S. governmentimplementedextrasanctions on the Turkish economy, excluding the region fromthe worldwidebanking systemsoperated by the SWIFT in the city of Belgium. Consequently, the lira, the national fiat currency of Turkey, fell byaround more than 50%.
As per a report by Bloomberg earlier this year, stated that the Turkish merchants were losing out massively with their holdings in liraas per the country’s ongoing conflict with theUnited States,that became moreworsewhenthe govt. rejected to free pastor named ‘AndrewBrunson.’
Due to existing capital controlsand therefore thegovernments encouragementto stopchangingthe country’s fiat currency ‘Lira’to any other currencies.
A currency,whether it’sa national currency orsome othercurrency, is valuable till its ableto operateas a medium of exchange. If the liquidity of the currency is low and further its users are disallowed by a govt. fromhaving the abilityto exchange it fordifferentassets, thenthe net worthof the currencyis expected to raise serious questions.
The govt. dominance over theliraby eliminating financial freedom from its resident has primarily raised the demand for digital currencies in the country.