"So firm, the people keep buying even though the Turkiye president hates crypto."
As the national currency continues to decline plus inflation is at an alarming level, some Turkiye residents are beginning to re-interest in the cryptocurrency market, especially stablecoin Tether (USDT).
The value of the Turkish currency, the Lira, was found to have decreased shortly after Recep Tayyip Erdogan, who is known as a strong critic of digital assets, won the presidential election while his opponent, Kemal Kılıçdaroğlu, was pro-crypto.
This is because the people of Eurasian countries have shifted their focus to USDT since the beginning of May 2023 even though Erdogan won with 52% of the votes during the presidential election.
One of the factors driving the people of Turkey to change direction to the crypto market is the depreciation of the country's currency which recently reached a record low compared to the United States (US) dollar, where now 1 TRY equals $0.042.
It is also worth noting that some locals who want to preserve their wealth during inflation have defined the USDT as a safe-haven following its reliance on the US dollar and allowing Turkiye citizens to participate in the crypto market in an easy way.
According to Ebru Güven, a university lecturer and former banker, domestic regulators have limited the purchase of dollars and gold through the Lira but prefer digital assets, so Turkiye residents distribute all their savings in the crypto market.
However, the USDT price is still down 0.06% at $0.99 in the last 24 hours with the $20 billion market cap slipping 0.03% over the past week.
