Lira is the fiat currency of Turkey which is facing a sharp decline in it's value. The rise of inflation in Turkey has dumped the value of Lira.
With an inflation rate of about 20% - 25% the price of Lira has declined about 45% this year with a peak dump of about 20% in a week and 15% in a day.
Those numbers are high enough and causing a panic in the market. The media also say that it might be at the edge of hyperinflation in Turkey.
This has caused a rise in the price of bitcoin in Turkey. People are opting to use bitcoin when the fiat currency is falling sharply.
The inflation has influenced so much that the president of Turkey Recep Tayyip Erdoğan has announced a crypto law that will soon be shared with the Parliament.
This means crypto will soon be legalized in Turkey. I think it's a good decision and will help Turkey fight inflation well.
Sources:
Turkey’s crypto law is ready for parliament, President Erdoğan confirms
Turkey’s Inflation Is An Example Of Why We Need Bitcoin
