HomeCrypto NewsBitcoinTurkey's Bitcoin P2P Transactions Increase 40% as Inflation...

Turkey's Bitcoin P2P Transactions Increase 40% as Inflation Rises to 78%

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Inflation rate of Turkey hit a 24-year high, currently at 78,62%. With a monthly increase of 4,95%.

While the lira is weakening, the volume of BTC on LocalBitcoins has increased significantly. BTC peer-to-peer trading volume in Q1 and Q2 2022 has increased sharply compared to Q4 2021.

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In the first quarter of 2022, LocalBitcoins trading volume increased by 51% compared to Q4 2021, trading volume in Q2 2022 increased by 40%. These are significant increases that show that people moving to cryptocurrency to protect their finances.

Turkish President Recep Tayyip Erdoğan has expressed disapproval of the rate hike. This has led to the decline of the lira and the country has to take drastic measures to solve this problem.

Turkey banned crypto payments in 2021, but that doesn't seem to stop citizens from investing in the asset. 

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