The value of the Turkish Lira has plunged 14% in just over a week, incidental to this, Google searches for Bitcoin in Turkey increased 566%.
With the value of the currency plummeting and the worldwide rise of inflation, it is obvious for citizens to consider Bitcoin or other cryptocurrencies as an investment option.
Investment in Bitcoin has proven to be the best option to keep up with rising inflation and inefficiency of fiat money, it is considered the best form of digital investment now.
World’s Third-Largest Currency
Bitcoin has shown a spectacular performance this year, achieving new highs every day and crossing the $1 Trillion Market Cap mark.
Its decentralized and democratized approach to finance has even lured support from various corporate giants and institutional investors too. According to a report by Deutsche Bank, it is the world’s third-largest currency in terms of the total value of circulation.
Bitcoin in early 2019 represented just 3% of US Dollars in circulation, cut to 2021 it represents above 40% now.
The report by Deutsche Bank states that now the governments and central banks have acknowledged that cryptocurrencies are here to stay and will play an important role in the world of finance.
A research Analyst from Deutsche Bank Marion Laboure says,
“Bitcoin’s market cap of $1 Trillion makes it too important to ignore. As long as asset managers and companies continue to enter the market, bitcoin prices could continue to rise”.
Currently, Bitcoin has 18.66 Million units in circulation, which makes for half of the volume of US dollars. At present, for the tokens market cap, BTC has a currency supply worth more than 170 fiat currencies.
At the time of writing Bitcoin is trading at $57202.82 with a market cap of $1.07T.