Turkey Turns to Crypto Amid Lira Plunge and Political Arrests
Mayor’s Arrest Incites Economic Instability
The arrest of Istanbul Mayor Ekrem Imamoglu on charges yet to be specified sparked economic instability on March 19, 2025. This incident coincided with the Turkish Lira’s dramatic fall against the U.S. dollar.
Despite lacking an official statement from President Recep Tayyip Erdogan, the situation has led to tangible economic repercussions. The Lira dropped, stirring fears of economic instability among Turkish citizens.
Bitcoin Trading Surges Among Economic Fears
Following political upheaval, there was a marked increase in Bitcoin trading volumes on Binance. Bitcoin/TRY trading exceeded 93 BTC, reflecting heightened economic anxiety among Turkish citizens.
The cryptocurrency market is responding to Turkey’s political uncertainty as citizens attempt to safeguard their wealth. This highlights Bitcoin’s perceived utility as a hedge against economic turmoil.
“Seeing unprecedented BTC/TRY volume on Binance. Over 93 BTC traded between 7:00-8:00 UTC. Highest hourly volume in at least a year.” – Changpeng Zhao (CZ), CEO, Binance
Recurring Financial Patterns Emerge
Similar events in Turkey’s past, such as the 2021 crypto exchange collapses, resulted in significant shifts toward Bitcoin. The current climate appears to reflect familiar patterns of financial adaptation.
Experts like Alex Gladstein and Nic Carter emphasize Bitcoin’s role as a politically neutral currency. This recurrent crisis underscores the need for censorship-resistant monetary systems amid geopolitical upheaval.
