In Turkey, facing a staggering 68.5% inflation rate, citizens are increasingly flocking to cryptocurrencies like Bitcoin (CRYPTO:BTC), which is approaching its all-time high values.

This surge in digital currency interest is happening as the Turkish government is set to introduce tough regulations on the cryptocurrency market.

This dramatic shift towards Bitcoin and other cryptocurrencies is seen as a protective measure by the populace against the rapidly devaluing local currency, seeking refuge in what they perceive as a more stable and secure asset amidst the economic instability.

As these developments unfold, the situation highlights the growing reliance on digital currencies in times of financial turmoil, with Turkey becoming a notable example of this global trend.