Turkish lira in trouble: Will bitcoin save the day?

A new wave of crisis is threatening the already fragile global financial market.

Last week, the Turkish lira dropped 5 percent against the U.S. dollar—a worrying trend for a major currency—less than 24 hours after news broke out that the military has taken over the government of Turkey. The violent uprising, which left at least 161 people dead, caused the iShares MSCI Turkey ETF to decrease significantly in value as well.

So far, it appears things have already calmed down in Turkey. But it remains impossible to tell how the matters will unfold in the coming days. The uncertainty in the country has already prompted consumers and investors to rush to bank ATMs to withdraw their cash, putting a strain on the local economy.

On a global scale, the events in Turkey could deal another blow to the international financial market, which is still reeling from the effects of the Brexit vote. So where does digital currency fit into all of these?