Bitcoin

Bitcoin is Now World’s 3rd largest Currency, Turks lookup for Bitcoin as Lira Plunges Hard

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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%.

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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.

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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.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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