The neighbourhood teahouse is a focus of daily life across Turkey, an Ottoman tradition that has endured through the centuries. At the Red Lightning teahouse in Çorum, the enterprising owners have one foot in the past and one in the future: it’s the first one in the country where customers can pay in bitcoin.
“Everyone we know in Çorum is starting to invest in cryptocurrency. We think that in five years or so regular currency will be in decline, it will be replaced by digital ones. So we wanted to be in a good position now,” said co-owners Hüseyin Nalcı, 38, and Kerem Kutay Yıldırım, 28.
“The older customers think it’s a bit absurd. They made fun of us. But now the dürüm [wrap] shop next door is asking us to teach them.”
The Turkish lira slumped dramatically last month after President Recep Tayyip Erdoğan’s shock decision to fire the central bank governor, Naci Ağbal. The reserve is now on its fourth governor in less than two years, and the lira has lost half its value since a 2018 currency crisis.