Turkish interest in cryptocurrencies jumps after Erdoğan rate cuts

Turkish interest in cryptocurrencies has surged since President Recep Tayyip Erdoğan ordered the central bank to start cutting interest rates in September, the Diken news website reported.

Interest has only waned slightly this year even after the government took steps to steady the lira, such as introducing special dollar-linked lira deposits, Diken said on Friday. The lira has lost 10 percent against the dollar in 2022 after slumping 44 percent last year. Most of last year’s losses came since the rate cuts, which raised fears of a full-blown currency meltdown.

About 10.8 million people visited the most popular cryptocurrency websites of Binance, BTCTürk and Paribu in September, according to data compiled by Gemius Audience, Diken said. That number more than doubled to 22.6 million in January and declined by only 700,000 from that level in February, it said.

Visitors to the websites were led by university graduates and middle-aged people. Male visitors slightly outnumbered female visitors, Diken reported.   

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