Bitcoin is Flying Trends in Turkey – Trustnodes

Bitcoin UçarakGeliyor, which literally translates to bitcoin comes flying, is suddenly trending in Turkey.

You can reach 10 million people through the bitcoin is flying trending hashtag, a service provider says just as it was starting to gain steam.

That’s while bitcoin has crossed $21,000 and eth is nearing $1,400 for the first time since the crash.

Sican, which translates to rat, has also been trending due to some internal politics after a journalist called some figure the cash machine rat.

Whether that contributed to the bitcoin is flying trending hashtag, or otherwise, is unclear amid galloping inflation in Turkey at 78.6% for June, one of the highest in the world.

Yet the country is growing every quarter 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 most prominent exchange, handles $128 million in volumes, much of it on eth at top position with $11 million.

Ethereum has suddenly jumped with some excitement in some corners that this might be the Merge run ahead of its biggest upgrade ever, penciled for September.

The summer chill out might also be helping as traders beach out, leaving the monthly dollar cost averaging as potentially the only force in crypto markets.

A market that is clearly growing, with this being the first time as far as we are aware that bitcoin trends in Turkey, a country with a GDP of $750 billion.

They are also mostly muslim, and according to their teachings, gold is money. But gold in the modern world is a bit impractical, while digital gold can be more practical at least in as far as rats won’t be able to eat the cash in ATMs, as happened in India.

Where the government is concerned, they’ve generally taken a hands off approach so far, though they did ban bitcoin payments in Turkey.

We suspect they lack much, if any, crypto expertise or even above surface awareness of the industry or technology, but they did say banning bitcoin is what dictators do, and so that’s not going to happen any time soon.

Which means Turkey is largely free as far as crypto is concerned, and right now they’re partying in the underground to celebrate the fact they survived yet another bear, so far.