Last week in review: Bitcoin to the rescue as Turkish lira plummets

El Salvador makes headlines once again with plans to build a Bitcoin City. The Government crypto crackdown in India sparks mass movement in the crypto market. Financial institutions are on the hunt for crypto specialists and Turkish citizens turn to Bitcoin to hedge against their failing currency.

There is never a dull moment in the world of crypto. Here’s our pick of the headlines.

Bitcoin to the rescue as Turkish lira plummets

What

Turkish crypto users are investing in BTC to protect their wealth against an ailing lira

Why

The Turkish lira has lost 40% of its value in 2021 owing to shrinking currency reserves, geopolitical tensions, increasing debt, and questionable monetary policy

What next 

Turkish inflation is close to a record 20%

Citigroup to boost its crypto division with 100 new staff

What

Citigroup is on the lookout for 100 more staff for their new crypto team

Why

The investment banking company say they believe in the potential of blockchain and digital assets

What next

Citigroup has named Puneet Singhvi as head of digital assets for its institutional clients group starting December 1

India’s plans for crypto ban sparks sell-off

What

A new bill being considered in the Indian government has triggered a cryptocurrency sell-off

Why

The bill proposes to bar the trading in most private cryptocurrencies

What next

The Indian government is planning to launch its own framework for its official digital currency

That’s no mirage, that’s Bitcoin City

What

El Salvador wants to create a ‘Bitcoin City’

Why

Bitcoin became legal tender in September and President Nayib Bukele is leveraging its power to create infrastructure

What next

El Salvador plans to raise $1 billion in funds through its Bitcoin Bond