Google Searches for ‘Bitcoin’ Hits New High in Turkey Following Ban on Crypto Payments

Google Searches for 'Bitcoin' Hits New High in Turkey Following Ban on Crypto Payments

The search for “Bitcoin” on Google has soared to a new all-time high in Turkey following the ban on cryptocurrency payments in the country. A few days ago, the government placed a blanket ban on all use of cryptocurrency for payment in the country, citing concerns over the security of users’ funds.

However, the ban seems to be creating the opposite effect to what it was meant to achieve. Although the ban coincided with a drop in the price of Bitcoin which it has not recovered from yet, the interest in the asset has increased in the country as indicated by the search volume.

Ban raises interest in crypto

Turkey is not the first country to place a ban on the use of cryptocurrencies. Other countries such as Nigeria have done the same recently and just like in Turkey, the interest in Bitcoin and crypto in general increased. Rather than curb the use of crypto, the number of Nigerians using Bitcoin actually increased following the ban.

As a result, the regulators are now considering ways to regulate the asset and also benefit from embracing it rather than placing a prohibition which has proven to be ineffective. Turkey’s case seems to be heading the same way as the citizens rely on Bitcoin as a hedge against the inflation ravaging the country’s currency, the Lira.

It was reported earlier this month that the demand for Bitcoin had sprung as inflation increased by 16% in the country.

Several other countries such as Venezuela still depend on Bitcoin for the same reason as Turkey, making it quite difficult to place a ban on the asset in such countries. With the rising interest in Bitcoin, will the Turkish government continue to enforce the ban or will it look for a better way to regulate the asset like the Nigerian government is doing?


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
On Key

Related Posts

Promoting Bitcoin Could Damage The Reputation Of Banks, ECB Warns

The European Central Bank has cautioned banks against promoting Bitcoin investments, arguing that the cryptocurrency’s apparent calm will likely pan out, plunging prices lower. In a Wednesday blog dubbed “Bitcoin’s Last Stand” by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB of the institution noted that banks risked incurring long-term

Bitcoin, Ether Not Securities Because They Have No Issuer: Belgium Regulator

The regulator of the European country said cryptocurrencies issued by computer codes are not considered securities. Brussels is neutral to blockchain technology, a stark contrast to the US. Brussels’ financial authority has clarified that cryptocurrencies without an issuer cannot be classified as securities. The Financial Services and Markets Authority (FSMA) announced that digital assets issued

Over 10K Bitcoin (BTC) Moved To Crypto Exchange, Are Miners Selling?

Bitcoin price rallied after Fed Chair Jerome Powell hinted at slower rate hikes in December and upcoming sessions. The BTC price hit a high of $17,194 with an over 200% jump in trading volume. On-chain data indicates that miners facing financial issues are indeed selling their Bitcoin holdings, with Bitcoin hashrate decreasing continuously due to