Bitcoin Price Nears 4 Million Lira as Turkey's Currency Hits the Floor

The Turkish lira has dropped to a fresh record low near 48.8 per U.S. dollar, driving the price of a single bitcoin to approximately 3.95 million to 3.96 million lira. Over the past five years, the lira has shed approximately 86% of its purchasing power against the dollar, declining by 18% in the past year alone. This prolonged currency depreciation and persistent inflation have fueled substantial domestic demand for alternative stores of value. Despite the Central Bank of the Republic of Türkiye maintaining a benchmark interest rate of 37%, real returns remain constrained with official annual inflation reported at 31.51% in August and independent research groups estimating it as high as 49.03%. Consequently, Turkish savers have increasingly turned to gold, foreign currencies, and digital assets such as Bitcoin and stablecoins to protect capital. Turkey ranked 14th on Chainalysis' 2025 Global Crypto Adoption Index, generating roughly $200 billion in annual transaction volume. Although a 2021 central bank regulation prevents crypto from being used directly for payments, holding and trading digital assets remain fully legal under the oversight of the Capital Markets Board.