Google searches for “Bitcoin” skyrocketed after ban in Turkey
The search for “Bitcoin” on Google reached a new historical record in Turkey, following the ban on cryptocurrency payments in the country. A few days ago, the government has banned all use of cryptocurrency for payment in the country, citing concerns about the security of users’ funds.
However, the ban appears to be creating the opposite effect to what it intended to achieve. Although the ban coincided with a drop in the price of Bitcoin, from which it has not yet recovered, interest in the asset has increased in the country, as indicated by the volume of searches.
Prohibition piques interest in cryptocurrencies
Turkey is not the first country to ban the use of cryptocurrencies. Other countries, like Nigeria, have done the same recently and, as in Turkey, interest in Bitcoin and cryptocurrencies in general has increased. Instead of restricting the use of crypto, the number of Nigerians who use Bitcoin actually increased after the ban.
As a result, regulators are now considering ways to regulate the asset and also benefit from adopting it, rather than placing a ban that has been shown to be ineffective. Turkey’s case seems to be moving in the same direction, as citizens rely on Bitcoin as a protection against inflation that plagues the country’s currency, the Lira.
It was reported earlier this month that demand for Bitcoin had increased with inflation rising 16% in the country.
Several other countries, such as Venezuela, still depend on Bitcoin for the same reason as Turkey, which makes it quite difficult to ban the asset in those countries. With the growing interest in Bitcoin, will the Turkish government continue to enforce the ban or will it look for a better way to regulate the asset, as the Nigerian government is doing?