Community Bankers Trust (BTC) – Turkey’s ban could be Bitcoin’s marketing blessing

Bitcoin (CRYPTO: BTC) appears to be more interesting than ever for Turkish citizens after local regulators recently banned crypto transactions.

What happened: google trends The data shows Google searches for Bitcoin in Turkey exploded after Turkey’s central bank announced on April 16 that it would do so to prohibit the use of cryptocurrencies and crypto assets for purchases from April 30. The bank mentioned possible damages and “irreparable” transaction risks.

Days after news of the ban broke, local searches for Bitcoin have skyrocketed and this month’s searches are now expected to surpass the all-time high recorded in February.

This move may have served to educate more dissidents and local activists about the cryptocurrency and its use. Bitcoin’s rise to power stems in part from its reputation as a means to bypass government control, and Turkey has taken an authoritarian turn under President Recep Tayyip Erdoğan.
The country scored 4.48 out of 10 in The Economist’s latest report Democracy Index, published in February.

Why is this important: Turkish cryptocurrency markets came under pressure last week after two exchanges found themselves in the midst of controversy.

First, $ 2 billion in crypto assets became unavailable to traders after local platform Thodex suddenly went out of business, amid rumors that Thodex founder Faruk Fatih Özer fled to Thailand with money.

Friday Turkish media Anadolu said 62 people had been arrested in connection with possible theft of funds.

The Turkish Financial Crimes Investigation Committee on Friday blocked the accounts of local crypto trading service Vedibitcoin after that platform suddenly went out of business.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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