Bitcoin (BTC) has frustrated investors with its recent price correction, but in ane country, BTC hodlers have never been more than relieved.

Marketplace data from TradingView on Nov. 23 confirmed that Bitcoin has hit new all-time highs confronting the Turkish lira.

Bitcoin passes 700,000 lira

Turkey is unofficially battling a currency crisis as President Recep Tayyip Erdoğan pushes to keep interest rates depression.

The result has been the de facto collapse of the lira'due south commutation rate, with USD/Endeavour gaining 14% on Tuesday lonely to pass 13 for the offset time.

USD/Attempt 1-solar day candle nautical chart. Source: TradingView

While Turks witness their purchasing power refuse in real-time, those with a BTC resource allotment can arguably run into the benefits of hard money more clearly than ever.

BTC/TRY reached 723,329 Turkish lira on Binance Tuesday, the latest in a series of all-time highs, which take come almost non-cease.

BTC/TRY ane-day candle chart (Binance). Source: TradingView

"Bitcoin is promise for Turkey," Michael Saylor, CEO of MicroStrategy, said terminal calendar week.

"The currency has lost a third of its value since March and declined for nine consecutive years. Conversion from TRY to USD will merely irksome the collapse, while adoption of BTC will reverse the damage & revitalize the economy."

"Bitcoin marketing departments"

According to its own information, BtcTurk, 1 of a small number of homegrown exchanges, handled around i,000 BTC ($56.vii meg) in book on its BTC/TRY pair over the past 24 hours.

Related: Republic of el salvador's dollar debt dives on Bitcoin bond plans

"Central banks are just Bitcoin marketing departments," analyst Lex Moskovski reacted as events unfolded.

The exchange sector has faced difficult times under Erdoğan, who alleged "war" confronting cryptocurrencies in September.

Some other platform, Thodex, was at the eye of a scandal earlier this year afterward shutting downwardly, and its CEO, Faruk Fatih Özer, abrogation with funds worth $2 billion at the time.

Despite the debacle and jailing of at to the lowest degree half-dozen of his associates, Özer remains at large.