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As the Turkish currency continues to tumble and makes record lows day-by-day, the mainstream movement towards people investing in digital assets can be expected.
While the trade wars and economic crises around the world have impacted the public’s confidence in fiat currency, which could lead to an increased interest in crypto. In Turkey, where trading in crypto is relatively easy compared to other jurisdictions, this seems to be a very likely scenario.
The Chief Strategy Officer of CoinShares, Meltem Demirors tweets about her proudness being a Turkish, as 18% of Turks own cryptocurrencies among the entire European region, as per the ING findings.
Their currency crisis (Turkish lira) pertaining to the dollar-denominated debt during previous summer considerably devalued and affected many Turkish life savings, pensions, and investment funds.
Recently, Turkish Finance Minister Berat Albayrak has announced a cheap lending scheme for SME's: SMEs who are members of the Union of Chambers and Commodity Exchanges in Turkey will have access to a total pool of TRY 20bn, with exporters and manufacturers getting up to TRY 1mn each, and other SME's getting up to half that amount. Such loans are aimed at working capital needs of these companies and will be offered at cheap rates: 6- months grace and 1.45% monthly interest rate, which is significantly lower than the prevailing cost of capital for this sector.
While Erdogan, kept his stances liberal on cryptocurrencies as he perceived the trading in this segment not as illegal in the region. Nevertheless, he has also attempted to induce FX traders to transfigure their dollars positions into lira, rather than bitcoin. Notably, based on the above statistics, Turks seemed to have been keen on crypto prospects.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -111 levels (which is bearish), while hourly USD spot index was at 35 (bullish) while articulating (at 06:49 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
