Türkiye's military coup caused the currency to collapse and triggered a run on the bank. A large number of people turned to Bitcoin for safe havens

On July 16, Türkiye's sixth military coup took place. Unexpectedly, the coup failed, the exchange rate of the Turkish lira (Turkish legal currency) plummeted, and Turkish people rushed to banks and ATMs to withdraw money frantically, causing the currency to collapse and a run on the bank.

As usual, Bitcoin enthusiasts believe that Turkish citizens should buy Bitcoin to hedge and protect the value of their money. The national panic caused by the military coup caused the value of the lira to plummet. As the Turkish people were in turmoil, some media such as Seeking Alpha began to promote the financial hedge - Bitcoin.

Seeking Alpha reporter Scott Tzu said: If it was 10 years ago, I would definitely recommend gold. But today Bitcoin has become a new option for hedging.

Since the coup, the Internet has been filled with photos of long queues at banks and ATMs. In order to calm the turmoil, Turkish banks have promised to provide unlimited liquidity. The Turkish Prime Minister said that the country's overall economic situation is relatively stable. In order to ease the emotions of investors, Turkish officials told them that the coup would not affect the country's economy.

However, as can be seen from the extensive coverage and chart analysis, the coup can indeed affect the Turkish economy.

When a country's economy is facing collapse, the domestic acceptance of Bitcoin will greatly increase, whether it is Greece and Venezuela before, or the recent Brexit crisis is no exception.

It seems that the Turkish people have also realized this. From the table of BraveNewCoin, it can be seen that the trading volume of the Turkish Bitcoin market has increased significantly.

Although the coup is over and the rebels have been arrested one by one, Turkish citizens are likely to continue buying cryptocurrencies to prevent similar incidents from happening again.

Bitcoin users are not affected by military coups, banking crises or government intervention. Bitcoin has been running perfectly since its launch, and its market has never been interrupted. Bitcoin is a P2P, decentralized, open-source asset. It is undoubtedly the best form of money.

As mainstream economic issues come to the fore, Bitcoin’s safe-haven and regulatory-free qualities will become more and more well-known.