RATE Group | Investors Turn To Bitcoin In Turkey As Lira Value Slips
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Investors Turn To Bitcoin In Turkey As Lira Value Slips

11 Aug Investors Turn To Bitcoin In Turkey As Lira Value Slips

Posted at 20:31h in Bitcoin News by

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The Turkish Lira value took a huge hit today, bringing the currency down 13% for the day and more than 45% for the year.

Fiat Vs. Bitcoin

Today the value of the Turkish Lira sank almost 16% before slightly retracing to 0.155 TRY/USD, currently a 13% loss for the day.

This brings the value of the Turkish Lira down more than 45% from this time one year ago.

Bitcoin enthusiasts took to Reddit to claim another victory in its performance against national fiat currencies, with one user claiming “Holding Bitcoin is less risky than holding Lira.”

Many investors who are new to cryptocurrency may argue that statement is not true because Bitcoin is technically down nearly 70% on the year to date. The real focus, however, should be on the larger picture.

Looking at the price of Bitcoin 00 over the course of the past year, we can see it gained just under 40% value. Even in a large market correction like the one we are currently seeing, Bitcoin continues to outperform yet another national…

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