Max Keiser claims, falling Turkish Lira will drive investors to buy bitcoin. Max, who hosts the Keiser Report show on RT, has good evidence for his claims. Turkish Lira is the fifth most traded national currency against bitcoin. The Lira is only eclipsed by the U.S. dollar, the yen, the won and the euro. News come at a time when Turkey's central bank has loosened monetary policy due to fears of inflation.

Moreover, turkish economy is expected to take another hit as a result of a prolonged electioneering period. After lost local elections the ruling party AKP lost several key cities. Consequently, President Erdogan's party called for a rerun in Istanbul, due to irregularities and corruption. The political uncertainty is expected to worsen the economic situation in the country.

For more than a year Turkey's inflation rate has been in the double digits. In detail, it has been between 20-25 % since last year. Other indicators are alike - unemployment level has been almost 15 % at the beginning of the year, which is the most in the last decade. Credit rating agency Moody's has projected that the Turkish economy will contract by 2 percent this year, which has been an ongoing trend.

As a result, there's a situation where Turks are increasingly abandoning Lira and have been turning to hard currencies instead, mostly euro and dollar. The level of dollar accumulation by Turkish business and households has been on the peak since 2012. Another “safe harbour” for value protection, can become bitcoin or other cryptocurrencies, as we witnessed similar scenarios in other countries facing crisis.