Bitcoin Google searches spike 5x in Turkey, while the Lira falls 15

CRYPTONAIRE LYWEEK

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Bitcoin Google searches spike 5x in Turkey, while the Lira falls 15%

The currency tumbled this morning, following a backlash from investors after President Erdogan fired the central bank governor.

oogle searches for Bitcoin soared today in Turkey, surging 566% in Google Trends after the Turkish Lira plunged 15%.

A strong reaction from investors

Over the weekend, Turkish President Recep Tayyip Erdogan fired Naci Agbal, the Central Bank Governor, and replaced him with Sahap Kavcioglu —a former banker and avid critic of Agbal’s monetary policies.

Local and foreign investors reacted negatively — trading sessions were suspended in the morning after the Lira plummeted below 15%. Timothy Ash, market strategist at Bluebay said the approach was “idiotic” in a client letter:

“This is a truly idiotic decision by Erdogan and markets will express their opinions on Monday and it is likely to be an ugly reaction.”

The general assumption is that Erdogan fired Agbal after he decided to keep interest rates high, attempting to stabilize inflation. The president has his economic brand, called “Erdonomics” in which he believes high rates eventually lead to inflation.

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