Bitcoin UçarakGeliyor, which literally translates to bitcoin comes flying, is suddenly trending in Turkey.
You can reach 10 million people with the trending hashtag bitcoin steals, a service provider said just as it was starting to gain momentum.
That’s when bitcoin broke through $21,000 and eth neared $1,400 for the first time since the crash.
Sican, which translates to rat, also came into fashion due to some internal politics after a journalist called some imagine the ATM rat.
Whether that helped bitcoin steal the trending hashtag, or otherwise, amid runaway inflation in Turkey at 78.6% for June, one of the highest in the world, is unclear.
Yet the country is growing quarterly at around 7.5%, and bitcoin adoption is growing with it.
Binance’s BTC/TRY trading pair now handles $17.5 million in daily trading volumes. BtcTurk, their largest exchange, manages volumes of $128 million, much of it on eth in first position with $11 million.
Ethereum has suddenly jumped with some excitement in some corners that it could be the merger race ahead of its biggest update ever, slated for September.
The summer chill could also help traders run aground, leaving the monthly dollar cost average as potentially the only strength in the crypto markets.
A market that is clearly growing, this is the first time to our knowledge that bitcoin has evolved in Turkey, a country with a GDP of $750 billion.
They are also predominantly Muslim, and according to their teachings, gold is money. But gold in the modern world is a bit impractical, while digital gold may be more convenient, at least insofar as rats won’t be able to eat cash from ATMs, as it turns out. is produced in India.
As for the government, it has generally taken a hands-off approach so far, although it has banned bitcoin payments in Turkey.
We suspect they lack much, if any, crypto expertise or even superficial knowledge of the industry or technology, but they said banning bitcoin is what dictators do, and so that’s not going to happen any time soon.
Which means Turkey is largely free when it comes to crypto, and right now they’re partying in the subway to celebrate the fact that they survived another bear, so far.