Key Takeaways
- Bitcoin climbed above ₺3.9 million, with BTC/TRY reaching nearly ₺4 million this weekend as Bitcoin strengthened against the dollar and the Turkish lira weakened.
- The lira is trading around 48.8 per US dollar, extending a long-running decline even as Turkey keeps interest rates at 37%.
- Bitcoin’s lira-denominated rise shows how crypto returns can look dramatically different depending on the currency used to measure them.
Bitcoin has pushed above ₺3.9 million in Turkey, putting the cryptocurrency within striking distance of the ₺4 million mark as the Turkish lira sinks to fresh lows against the US dollar.
Bitcoin was trading around ₺3.93 million on Sunday, equivalent to roughly $80,550. BTC/TRY reached as high as about ₺3.99 million on Sept. 19, according to historical exchange-rate data.
The move isn’t being driven by Bitcoin alone.
Turkey’s currency has continued weakening, with the dollar trading at around 48.8 lira. That means Turkish investors are experiencing two forces simultaneously: Bitcoin’s price in dollars has risen, while each dollar now buys more lira.
The combination has pushed BTC/TRY higher much faster than Bitcoin’s dollar price alone might suggest.
Bitcoin Gains 16% Against the Lira in a Month
The divergence is already visible in the numbers.
CoinMarketCap data showed Bitcoin up approximately 16.6% against the Turkish lira over the past 30 days. BTC/TRY jumped particularly sharply on Sept. 18, climbing nearly 6% in a single day from around ₺3.73 million to ₺3.94 million.
Go back slightly further, and the difference becomes even clearer.
Bitcoin traded near ₺3.1 million on Aug. 19, before jumping above ₺3.9 million in September. That represents an increase of roughly 26% from that level in about a month.
For Turkish Bitcoin holders, therefore, the local-currency value of BTC depends on two exchange rates: BTC/USD and USD/TRY.
If Bitcoin rises against the dollar while the lira simultaneously falls against the dollar, those moves compound when BTC is priced in lira.
The reverse is also possible. A stronger lira could reduce BTC/TRY gains even if Bitcoin’s price in dollars remains unchanged.
Turkey Still Fighting 31.5% Inflation
Bitcoin’s rise comes against a difficult inflation backdrop in Turkey.
Official data from the Turkish Statistical Institute showed that consumer prices increased by 31.51% year over year in August, despite inflation falling substantially from levels recorded in previous years. Prices were still up 1.84% from July alone.
https://twitter.com/BullTheoryio/status/210126274243501677
Housing-related costs increased 39.77% year over year, transportation rose 35.08%, and food and non-alcoholic beverages climbed 33.79%.
Turkey’s central bank has responded by keeping monetary policy extremely tight.
On Sept. 10, the Central Bank of the Republic of Türkiye held its benchmark one-week repo rate at 37%, with the overnight lending rate remaining at 40%. Policymakers said underlying inflation was decelerating but warned that elevated energy prices posed renewed upside risks.
Why ₺4 Million Matters More Than a Bitcoin Record
Bitcoin approaching ₺4 million could look like a straightforward crypto rally, but the currency effect complicates the picture.
BTC itself remains well below its historical dollar-denominated highs. The new highs appearing on Turkish screens partly reflect the shrinking purchasing power of the unit against which Bitcoin is measured.
That makes Turkey an unusually clear example of Bitcoin’s dual role for investors in weaker-currency economies.
A Turkish holder isn’t simply betting that Bitcoin will go up. Holding BTC also means choosing not to remain entirely exposed to the lira.
With BTC/TRY already touching roughly ₺3.99 million, the psychologically important ₺4 million level is now only a small move away. Whether Bitcoin crosses it could depend just as much on what happens to the lira as what happens to Bitcoin itself.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
