Google searches for ‘Bitcoin’ spike in Turkey after the cryptocurrency ban.
Amidst a collapsing currency, Turkey last week banned the use of cryptocurrencies for payments of goods and services. Turkey suggests that cryptocurrencies pose a risk to their currency:
- They aren’t regulated
- They are volatile
- They are used for illegal actions
- Wallets are insecure
- Transactions are irrevocable
Well yeah, good points! That’s why love the currency after all. The biggest risk isn’t even mentioned: governments can’t control it.
And to demonstrate just how little control governments have over bitcoin, consider the below Google Trends chart. Search interest for the cryptocurrency has spiked just after the ban was announced.
By admitting your currency is weak and vulnerable to bitcoin you may have just inspired a new wave of Turkish users.