The Turkish lira – Turkey’s national currency – has been in a state of freefall for the last three months and has lost around 35% of its value against the US dollar. This has been the result of the President’s somewhat controversial policies and decisions, the latest of which led to a 15% daily drop against USD.
In September, President Recep Erdogan also declared war on bitcoin, aiming to pave the way for implementing the digital lira. Since then, Turkey has suffered significant economic setbacks, while the primary cryptocurrency has increased its price by nearly 40%. As such, MicroStrategy’s Michael Saylor advised locals to convert their fiat currencies to bitcoin to save themselves in the monetary chaos reigning inside their country’s borders.