Turkey Makes the Case for Bitcoin as Erdogan Runs the Autocrat’s Inflation Playbook

Turkey Makes the Case for Bitcoin as Erdogan Runs the Autocrat’s Inflation Playbook
Bitcoin trading volumes are rising in Turkey as the increasingly authoritarian government there goes diligently about the work of setting its currency, the lira, on fire. Turkish President Recep Tayyip Erdogan, who has retained power since 2003, has to all appearances lost his mind: With inflation sitting at around 20%, Erdogan yesterday lowered Turkey’s key interest rate to 18% from 19% (no, not a typo), instead of raising them to tighten the money supply.Currency markets have responded decisively to the expected move, with the lira losing 10% of its value against the U.S. dollar since Monday. Some Turkish citizens decided…