BREAKDOWN: When Currencies Fail – ‘Bitcoin’ Google Searches in Turkey Rise 400% as Lira Crashes

The Turkish lira plummets as much as 17% after the surprising firing of Turkey’s central bank governor. This episode is sponsored by Nexo.io and Casper, and this week’s special product launch, Exodus. Today on the Brief: Nigeria central bank reversing stance on crypto ban? “The least responsible fiscal policy of the last 40 years” Scaramucci’s firm files fifth bitcoin ETF application Our main discussion: the crash of the Turkish lira. In this episode, NLW looks at the last few years of Turkish monetary policy, inflation and currency crisis, focusing on: The seesaw shifts between inflation and crisis on the one hand and interest rate hikes on the other The sour legacy of intervention in the central bank by President Erdogan Why the Turkish lira had actually increased 3.07% against the dollar in 2021 before this Finally, he examines why some think the only tool left in the Turkish central bank’s tool kit to fight inflation is currency controls, and why this is driving people to explore bitcoin as an escape valve. - Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io. - Launching in late-March, Casper is the future-proof blockchain protocol that finally address the blockchain trilemma. Learn more at Casper.Network. - Exodus empowers people to control their wealth through a safe and reliable non-custodial crypto wallet, placing the ownership of digital assets back into the user’s hands. Your keys, your crypto. Download Exodus today and learn more at exodus.com. - Image credit: Fyletto/iStock/Getty Images Plus See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.