Bitcoin reached a record high against the Turkish lira on 3 July, setting a new all-time peak for the BTC/TRY trading pair. Multiple cryptocurrency market monitors reported the milestone after a surge in demand from local investors. The move highlights the continued pressure on Turkey’s currency, which has faced persistent depreciation and elevated inflation. While the global dollar-denominated price of bitcoin remains below its November 2021 peak, the lira’s weakness has pushed the cryptocurrency to fresh highs in local terms, underscoring bitcoin’s role as a hedge for some holders in inflation-hit economies.