Bitcoin Forum

https://hackernoon.com/turkeys-economic-crisis-can-trigger-the-next-crypto-bull-run-86e53392d9bc

What do you guys think?  ???

So far there is no clear example of Bitcoin growing as the result of some economic disaster. People expect that Bitcoin will be used as a hedge, but they forget that Bitcoin is highly volatile and immature, so those who want to preserve their money are more likely to use safer options like gold or foreign currency. Turkey's economy is also too small to have significant effect on Bitcoin, if we had a crisis in EU or the US, that would be more likely to boost Bitcoin's price, but I doubt it would be enough to trigger a true bull run.

The GDP of Turkey was around 1 trillion USD.I don't think that the Turkish economy is small.However,the current situation around the turkish lira show that there's no impact over the cryptocurrency prices.Nobody in Turkey is buying crypto to preserve the value of his savings.Actually,I saw that people in Turkey are buying more turkish lira in order to recover it's value. 

Over the long term, the idea of economic crisis being contained inside turkey's borders could prove to be flawed.

Turkey's economic crisis, like venezuela's, might be traced back to overprinting of fiat currency.

If accurate, it could mean that every major nation on earth will experience this form of economic crisis inevitably as the united states, european union and major nations are all overprinting increasingly large sums of fiat in an effort to stave off deficit and debt.

While this could be good for bitcoin's value and longevity as increasingly large numbers of people transfer wealth into crypto markets in an effort to escape inflation, the economic implications could be terribad.

Sorry to say the sky is blue and water is wet but this does appear to be a somewhat neglected issue.

I wouldn't say that nobody in Turkey is buying crypto. The overall size of daily trading volume in Turkish exchanges is over $10 million, and don't forget that they can exchange TRY for BTC or other crypto not only in Turkish exchanges. But I agree that probably over 99% of Turkish citizens don't buy crypto, and that is because over 99% of citizens of any country don't invest in cryptocurrencies. So, no, Turkey’s economic crisis will not trigger the next crypto bull run, neither any other country's economic crisis can do that.

I do not believe that Turkey will bring the market to a better level now, and do not see a crisis that is too severe for Turkey at the moment, it is very difficult to show that bullrun will need more funds, if it is true that the Turkish people will buy crypto, so I don't think that will be too strong, most of them always ignore it, so we just wait for how many changes to the crypto market, or maybe it's to lure many people to buy and use seat belts to go upstairs.

In this year, 2018, they speculated with many news that relate to the economy of some countries. Perhaps the crisis in Turkey, someone will be able to use and release news that can provoke a small leap.

I know quite some Turkish people and they have shown very little interest in crypto, despite the fact that it has gained a significant amount of media hype in the last couple of weeks.

From what they told me, they hold the majority of their wealth in EUR and use it to buy up the Liras from their family in Turkey, all to reduce the pressure on them with how the Lira keeps losing value due to the bad situation.

Converting Lira to whatever currency or asset as Turkish citizen within Turkey is heavily frowned upon. The only way for them to do so without being called an enemy of the state, is to have their family buy up their Liras.

Pretty sad situation.

I do not think this can happen not only in Turkey but also in many other countries. Economic turmoil is our unpredictable problem, Turkey will have a speedy resolution of this and I think it will not affect the cryptographic market. Hopefully their economy will be more stable and towards a stronger cryptographic market in the future.

You are wrong because the next world financial crisis cannot depend on so small economics like Turkish one. I know that mass media and some analysts have the similar ideas but this submission is wrong because Turkish economics is very small to have an effect on the world economy. I think that real reasons of the future crisis are laid much deeper. The world economy is overheated. Money is very cheap for loans and the stock markets are on the peaks (DOW, NASDAQ). Everything is ready for the strong correction or even the crash. The ideas of the future crisis are spreading now among various layers of people faster and faster therefore I think that the world financial crisis will happen soon but it will be initiated by either US or China but not Turkey

Turkish Lira at the moment, appears to be more volatile than Bitcoin, which is ridiculous. But agreed, gold and foreign currencies are better ways to store wealth.

People who think bitcoin is some sort of hedge against either inflation or volatility are insane.  You might as well just wipe your ass with $100 bills and flush them down the commode if you think that.

At this point I don't even think metals are all that good for hedging, since there are plenty of people who bought gold & silver in the past few years who are still underwater with their investment.  On the other hand, metals have been less volatile than crypto and would protect you against a hyperinflation-type situation.  Then again, I think if hyperinflation ever came around my local economy, anything I owned other than cash would look like a great hedge in comparison.

That's what worries me about the situation in the US.  There hasn't been a lot of inflation in the past few years, but I suspect it's coming.  The Treasury's printing presses must be smoking hot with all the new money they've been printing (and yes, I realize that money hasn't mostly been in the form of FRNs).  It feels very much like waiting for the shoe to drop.

Different people have different needs, and all wealth-storing methods have their pros and cons.

If we compare the long term value, gold and foreign currencies are likely to be stable or change their price by only a few percents in a year. Bitcoin can and most likely will go up and down by a lot, so it's more of an investment than store of value. Some people simply can't afford to risk or wait for a bear market to pass.

However, Bitcoin can be more secure to store if done properly, because the government can seize your gold/cash/bank account easily.

Hi;

As being Turkish citizen I am not buying more crypto assets. Especially I prefer to keep my fiat in € and $ currencies instead of crypto money for risk diversification. I don't think this current situation going to be trig another bull run but this crisis going to be deeper for sure.

Kind regards

I do not think personally that this situation shall fire up a bull run, my reasoning is based on the fact that the Turks won't jump into a volatile instrument while trying to escape one. I don't think there's been any upward movement since the news broke out. This type of crisis is common and often happens where there is over printing of the currency, also it's pertinent to note the Turks are buying their fiat more or migrating to usd, there's no unusual demand seen from the Turkish nation, so it's fair to say we won't see a bull run based on this crisis.

The article rightly made some reasonable arguments to tend towards the keep of wealth in crypto currency but its not a cast and stone event that because Lira is witnessing some challenges the people in Turkey would by default switch into crypto currency. This is by no small means far from reality based on the following

1. The article made mention of retirees keeping their money in gold or USD anytime there is an economic crisis in Turkey but the main reasons why they do that is because they are sure of stability and value which we all know is lacking in crypto at the moment and reason why they didn't keep it in AUD, Cedis, Naira, Franc and other foreign currencies.

2. The people who keep fund in other sources they are sure of value are the old people. Now what argument would make a huge portion of them leave the source that have given them results over the periods they witnessed economic crisis to a new source that they are not sure of. Youths are the ones who would likely invest in crypto but for them, they live everyday as it comes because there is enough years ahead to save.

Time will tell but I generally agree with the sentiments above. I doubt the Turks are going to use another volatile asset to run from a volatile asset. With that said economic crises in less developed economies doesn't represent how the market would react to a crisis coming from a more developed nation. Statistically the United States should face a healthy recession at some point in the next 1-4 years, if it doesn't that would be very weird. Assuming that happens we'll get our first real take on how crypto responds to economic crisis since the last crisis happened before bitcoin existed.

i was about to say..... this OP reminds me of the hype around the 2013 cyprus financial crisis. people kept hyping it for months even though there was no evidence that it was increasing demand for BTC.


some people believe that a major/global economic crisis would somehow be good for BTC (perhaps because it would expose the weaknesses of other assets). but IMO, it really depends how risky BTC is perceived to be---as you pointed out, it definitely hasn't achieved "safe haven" status. in times of crisis, i would expect money to flow into historically stable and hard assets.


that illustrates the point nicely. :D

Judging by the experience of Venezuela, it is possible the demand for bitcoin will increase, but again it was in Venezuela, and how will it be in Turkey???? This is a question, but I can assume the demand and price can grow for bitcoin

I'm not sure the bull run is likely to happen.

The previous price hikes were mainly determined by larger economies like Japan & South Korea where the purchasing power is way higher than what it is in Turkey.

On the other hand, I remember visiting the Bazar and seeing a shop where you could buy crypto currencies so, the Turkish people may be more familiar with crypto currencies than some would expect.

In some cases all you need is hype to move the price, having said that I don't think Turkey's economy will cause a bull run.

I don't totally agree with this. How can economic crisis in Turkey spike the Bitcoin price? It is not realistic enough.

It's either boost the bitcoin price or drop it again,and you are right dude turkey is a develop and good economic country but they are not enough to take big effect on crypto industry..if maybe if China or japan since this this giant countries has a large effect on the crypto community and crypto market if having economic crisis

I'd say they're big enough for their presence in the market to be felt, their citizens simply don't show enough interest. It's true that their trading volumes have been spiking but they've been small to begin with so the resulting numbers would still be small.

The article is using the fact that some banks aren't letting people buy foreign currencies as a basis for Bitcoin's growth but the far more likely scenario is the rise of a foreign currency black market like Venezuela's.

Edit: words

Or maybe stablecoins?

what i think is that for the past couple of years we have had multiple cases of economical crisis in different countries, small and medium size countries. and each time i have heard at least a couple speculations like this saying it will lead to a bull run because people are going to buy bitcoin!
well to those people i have to say you have never experienced an economical crisis like that! during times like that people aren't looking for a high risk, high volatility asset. they look for a lower risk and lower volatility like gold. not to mention most of them don't even know bitcoin.

however these cases always leads people towards bitcoin as they see the performance and security of it as a currency and store of value. but it is not enough to create a bull run.
also it is worth mentioning that speculation is a different beast! for instance i believe it was Cyprus that had some problems and enough people believed it will lead to a bitcoin rise that they started buying themselves and made the price go up. it wasn't a big deal but it was something.

Its sad to see what happened in turkey. Economic crisis can trigger crypto bull because people will looking safe haven asset and i think crypto like bitcoin is one of safen haven asset

Maybe. Why go through extra hoops and pay extra fees when you can just go for stable foreign currency though? As far as precedents go, foreign currencies take the cake over stablecoins when local economies go south. Heck, Bitcoin is far more popular than them. We'll see soon enough at this rate though.

But turkey's economic crisis has almost been stopped by Qatar's funding in billions of dollars.Even if it gets collapsed,still we could not expect that they would adopt bitcoin since last time when Iran suffered due to US sanctions,it was said that Iran would adopt bitcoin to bypass US sanctions but it didn't happen.

Like QE fixed all the West's financial problems.

Have you heard recently that Greeces financial issues are also now resolved.

Just lol.

Question after all the reading. How will they buy bitcoin?

They will be using their own currency which have a lot of issues now and probably most exchange or wallet websites knows it by now and will be disabling the buying method using their currency since it may decrease more.

With that they have to look for another option. Gold will be most likely since USD is also being prohibited to be bought.

I would rather buy some valuable item that might be useful after that inflation, if I am to pick.

Conclusion. Even if they start buying bitcoins it will still not shake it much for I believe there are not much users in their midst.

Good point. Bitcoin is now seen as a high risk investment, with some reason by the way if you consider its volatility, which is exactly what Turkish investors do NOT want now. Wall Street is more likely to shoot Bitcoin to the moon than any crises anywhere, since Wall Street is basically a gamble casino.

Did a bull run happen when the Venezuelan Bolivar is losing value? Of course not, not all people are aware that it is bad when its currency is losing its value, so the possibility is small when it comes to exchanging their fiat to cryptocurrencies such as Bitcoin. There is a slim chance that all people in turkey will abandon their own currency to go to Bitcoin, plus even that scenario is bad as it will devalue the Turkish Lira more due to a massive sell off if that scenario happens, don't listen to this article as they don't know the consequences of their "Solution".

Bitcoin is not bought only in one country such as Turkey, it is around the world and to provoke the collapse of the fall of the economy of one country is not enough. There is already a crisis in Venezuela, bans in India, unwillingness to recognize bitcoins in many countries of Europe and the world , but it still does not pull it down.
In the future, its price will only increase, blockchain technology will grow and be in demand in everyday life, this can not be avoided and a new wave of growth will prove it despite not what crises in the world.

the currency (Turkish Lira) has no problems, it is just losing its value as their economy collapses. but it still is a currency and has value, a lower one now.
people can still use it to buy anything, and they usually do it peer to peer and off the markets during times like this that tensions are high and the government watches everything.

The word that many are putting aside is the trigger. This is the context of the central idea of the text. We need only an entire population of a country to find more security in buying and trading using Bitcoin than their local currency. This would represent the defeat of current banking models and could trigger a series of changes around the Globe.

Turkey is a country of great economic importance. But it may even be smaller countries like some African or Latin America. What it takes to trigger the reaction and adoption of Bitcoin globally is a spark in a haystack.

Indeed, the Turkish community is not yet familiar with crypto currency, so to keep their money in the bitcoin currency is still very little, so there is no significant effect on increasing the price of bitcoin, a big jump that I think comes from China because they compete in trade with America

China wants replace the dollar with other currencies to reduce pressure from the American side, and cryptocurrency has the potential to be used by China to replace the dollar, and if this happens, it can be ascertained that there will be very high. price hikes.

Well, it can make the price a little bit higher but I doubt that it will cause a bull run. We need something that will attract investors to see a bull run and economic status of turkey is not that much. I also doubt that they will use bitcoin since its too dangerous to put their money their. I think gold and other flat currency would be a better option.

Are you from Turkey? Whats so special about this incident in Turkey compared with incidents in other countries around the world?

Just take a look at Zimbabwe or Sudan or other countries that have experienced crisis, they have gone through all those and have had very little effect on the price of bitcoin. If anything, this will temporarily strengthen the buying pressure on Turkey-based crypto exchanges, but on the bigger scale, i doubt this will have a very big effect on bitcoin value.

it looks like the Turkish economy is also big but Turks are not used to the crypto currency currency, and we can be sure they don't buy a lot of bitcoin for their money, unlike Korea or Japan, even though their economy competes with Turkey but they already know bitcoin and have used it to buy and selling the facilities of so many people who buy bitcoin and their existence is more decisive in price increases than in the Turkish state.

I don’t find the connection bitcoin between crisis of turkey, I know crisi economic in Turkey because have problem with American United economic and make their money is have lower price. just economic turkey crisis by problem Donald Trump and don’t have connection with crypto.

Economical crisis in general are like a pulled trigger that impacts the economy. There might be a bigger activity in the currencies because of it. To trigger the next bull? Hmm not sure.

Well, the connection could have been a lot of Turkish citizens getting out of their currency to find a safe spot to put their funds without having to face the turmoil from the economic downturn.

It is a normal thing, but we also have to understand that there are also other safe assets they can end up putting their funds and would be more relaxing for them than cryptocurrency since it is highly volatile and in its early age.

Nevertheless, who knows how things might turn out later on? But I personally do not see much happening with respect to this. As it is, people will want to give themselves so many reasons why they should expect a bull run.

As a rule, people start to struggle with a problem when it has already happened, such a mindset have a most people. The trend that is occurring in the world with Venezuela and with Turkey will only be the beginning, when people stop saving their savings in local currencies.

although we didnt find any corellation between lira turkey and usa dollar, but indirectly there are some capital flow moved to bitcoin from turkey business or finance firm in order to hedging their fund or asset.

Turkey have their own exchanger and thats indicating crypto already popular in turkey. If turkey crisis, i think it will affecting to others country and maybe will affecting to crypto price. As store of value, bitcoin can be safe haven

if their turkey citizen buy bitcoin before crisis, maybe right now they are safe from economic crisis.their bitcoin asset are more valuable than lira turkey after this condition.

Economic crises are taking place in many countries around the world, and many significant nations are being affected, and they have put financial pressure on the EU and the US. I think it is possible that many countries will choose Crypto as a commercial solution.

maybe she will become one of the countries who will inspire in a bull market, but it is unlikely the underlying cause

Well, I think the impact will be huge if Turkey really experiences a crisis, this is the same as the crisis experienced by Venezuela. Reportedly now Venezuela is looking to launch a CentralBank for its cryptocurrencies, this solution is used to support its economy which is in crisis. If Turkey also uses this method to get through the crisis period, a big surge can occur in the market.

The country of Turkey is too small in economic terms to trigger the next cryptocurrencies bull run, if the crisis is big enough in Turkey it is is entirely possible that we are going to see something similar to what is happening in Venezuela, in which people are using cryptocurrencies to avoid the inflation caused by printing too much currency, the only way we're going to get a bull run out of the economic crisis of a single country is if that happened in the United States.

Fundamentally the current Turkish economic management is arguably less healthy if we look at the worsening of the twin deficits (fiscal and current account). Means it's time for Turkey to need foreign funds to finance the deficit.

Previously bitcoin had almost grown in Turkey, but things changed after their government issued a strong statement that bitcoin's illegitimate. As a result of the existence of tightening and the ban on the use of digital currency a number of investors and traders in this country preferring to throw bitcoin which they already have. For most bitcoin users, this thing is of course will cause concern that this digital currency is increasingly difficult to use as a payment instrument.

Many countries in the world have similar economic crisis situations, but the market for cryptocurrencies is still very low!
Venezuela is the country with the most cryptocurrency use, or can't get rid of the economic crisis, the cryptocurrency is still very low!

yes maybe you should be able to take advantage of the movement to be able to get a lot of profit because with that movement you can get a lot of profits.

I think the crisis in Turkey does not make Crypto a bull run, in terms of panic to hold other investments than Lira, I think USD or gold is the best choice compared to Crypto because it is more stable. currently lira is trading at a low point in historic, 7 lira / USD

Heck no, not when the Qatari's are bailing them out.  In Geopolitical terms, Qatar is being isolated and blockaded by it's neighbors , so they're trying to build up any alliances they can get elsewhere.  Personally I believe the only thing holding back the other Arab nations from completely shutting out the Qatari's is CENTCOM. 

I think the economic crisis in Turkey will not have a big impact on crypto money, but nowadays many Turkish people start accessing bitcoin.org and they learn that. you can find it on google trends. and we see in some forums, Turkish people are active and more Turkish members. however, to invest their money in crypto I was still in doubt, how could they do that. bull run will occur when many investors believe in this technology.

Even the Petro crypto has not helped Venezuela out of her woes. Her citizens are leaving in large numbers to neighbouring countries for better economy.


Zimbabwe is another case to mention here and how her currency has gone under and weak due to over printing. The country's past dictator and president, Robert Mugabe lost control of the economy. May be the new president can do better. Time will tell.


This is true.

I don't think so because Turkey's volume is negligible comparing it to the total volume.
And I don't think they have a good public knowledge on crypto, But if they started to dig into it and decided to use crypto to hedge against their crisis, then they might have some effect to start the next bull market.

Turkey does have a huge economic problem when it comes to inflation right now.

And don't get me wrong, I do think that Turkish citizens are going to be seriously looking into bitcoin as an alternative in terms of hedging against their Lira's inflation in order to preserve their wealth in something that is outside of their country's economy. But I simply don't see the justification for an entire bull market just because of this.

The excess demand generated from this is negligible, and probably is over hyped by the media. Bitcoin definitely can help these Turks, though, for sure.

With the economic crisis they are experiencing now maybe they will run to this crypto, they see the benefits of crypto. That could happen in the near future. May be!

Turkey has the potential not enough to start the bull run in the crypto-currency market. maybe it's a factor, but I do not think you're going to play a big part.

These words seem to me very ambitious. Turkey is now experiencing economic crisis, but in this case is that enough to start the bull running, I'm not sure.

The Petro isn't there to help regular people, but purely to help the Maduro cartel to obtain and maintain more financial control than ever before. I'm glad that no exchange has listed this rubbish.

By going crypto Maduro made sure that his assets (which in reality aren't his assets at all) can't be frozen anymore as result of sanctions and whatnot. It's a calculated step ensuring his position for at least a couple of more years.

Regarding Turkey, once the mainstream media hype has lost its effectiveness, people here will automatically stop thinking that Turkey has any sort of impact on the crypto market.

I don't think economic crisis can trigger bull run. Only media can trigger it. :D

But these are exceptions. In all other sectors of the Turkish economy, the collapse of the lira by 40 percent since the beginning of the year has stirred up fear.

Turkey itself is in a economic crisis, considering crisis effects the people first that means there won't be many people who have saved up money somewhere that will turn it into bitcoins for investment. They will first spend it on regular things they will need and that will result with not much left in their accounts.

Bitcoin has over 8-9 billion in daily averages, do you really believe that turkey can even remotely come close to 1-2 billion bull movement during a big crisis ?

I understand thinking and dreaming are very close things however an economically crippled countries people to spend 1-2 billion daily on bitcoin investment is not "just a thought", it is just plain ignorance.

Turkey might be too small to trigger another bull run but Turkey is just one country in financial turmoil and there is more to come.

Many experts see a high degree of probability that after a 10 year bull run on the stock market, it is time for a collapse. Also due to the fact that this has been a phony recovery enabled mainly through government bailouts, massive depths and money printing we have never seen in history before. And even if there is no stock market crash, many European countries like Italy, Spain or Greece are facing similar issues regarding their budgets. One collapse could lead to another and there we have it, the next financial crisis.

This time many governments will not be able to save the failing businesses or banks due to their massive depths which are partly a consequence of previous bailouts, government bonds and quantitative easing.

It is just a logical result after years of quantitative easing (money printing) in combination with creating record high depths that we have never seen before, especially in the US but also many other countries.

Do also some research on the Great Depression and you will find striking similarities to where we are now. Artificially low interest rates for years, inflated stock market and a recently started trade

Financial institutions are aware of these risk and look for alternative asset classes in case the stock market collapses and we head into a bear market and financial collapse.Therefore they are pressuring the SEC to approve an ETF.

At the same time we are nearing the bottom at this point (around 200 Billion Marketcap) and slowly certain Institutions will go long again which will relief the price pressure, also supported by "real liquidity" flowing into the market, increased volumes as more retailers will accept alternative payments. Soon you will be able to buy your Starbucks coffee with Bitcoin.

There are also many other data points that indicate we will soon see another bull run, we already explained that it is likely that it will be possible to buy ETFs (Exchange Traded Funds) and this would mean a real flow of liquidity into the markets. There were previous filings but the SEC rejected those in the past.

They will not be able to continue to say no for much longer. Pressure from all directions, especially leading financial organisations.

The situation is not going to be better for the next 10 years probably. Our currency devalued almost %100 in a few months and this is not just against USD but almost against every FIAT currency there is.

An instability in Turkey would trigger the next world war. That's how serious it is. Venezuela is in somewhere far away. So is Argentina. Turkey is just next to Europe. EU couldn't even handle a couple million Syrians. What would happen if ten million Turks decide to leave the country?

War.

USA is abusing this country since 1950's. I can't blame them for being assholes. Since they try to do the same thing to Russia and Iran too but somehow they failed it since those dudes appear to be smarter than the Turks. This is evolution. Survival of the fittest. Kill or get killed.

What I can do now is;

I can either buy physical USD & Gold (preferably) which I probably won't be able to use in the future if the situation gets worse as it happened in Venezuela & Iran or,
I can buy bitcoin and freely travel my wealth with me since it has no physical mass like papers or stones which is a huge advantage but It also comes with its own risks. (remember this shit is still in beta and we are its beta testers)

I've witnessed the evolution of Bitcoin since 2013 to today, I've decided to convert all of my monthly income into Bitcoin since March. I hope I will be able to find a hole to hide my ass when the shit hits the fan.

This doesn't look good. Not one bit.

This sounds very concerning. I hope it will not get that far. At least you are into Crypto and were prepared, it was a good move to convert everything into Bitcoin since March so you did not loose 100% of the value. The adoption of Bitcoin in Turkey is exponentially increasing based what I hear, at least compared to other regions and probably because many others are following a similar path.

I am not sure what the Americans have to do with the devaluation of the Lira though. I agree the region would have been doing better without their interference. The weakness of the currency I believe is rather rooted in Erdogans money policy, which is similar to the American one of money printing and endless depth. I see many parallels at least. Do you see other reasons for the collapse?

There is no real evidence to support this claim. having economic crisis will not really force people to start adopting cryptocurrency. Turkey's economy is not tied to cryptocurrency in any way.

This is why we should always be putting money in the cryptocurrency and we should invest regularly in cryptocurrency because this is the next big thing and if there will be a crisis in the world like a financial crisis again then it will boost the progress of the cryptocurrencies to increase their prices to the highest potential and only the old investors will enjoy the benefits.

I am agree that turkey crisis can trigger next crypto bull. If turkey crisis, it will impact to others country and peoples will looking safe haven asset like gold or silver. But right now, bitcoin can be safe haven asset because bitcoin price always rising, thats why bitcoin called store of value

USA planted Erdogan on Turkey in 2002. Dude went to Murica without even a title just before the elections. What does that tell you?

Turkey's history is filled with US backed coups since 1950's. If you read some history you would see it. One of them happened in the very near past in 2016.

And I already told you. I am not blaming them for our stupidity but Muricans indeed have something to do with our situation. I would do the same If I were an American, why not? That's evolution.

To be honest the economical crisis were man made,it was created by some group of people who is controlling the world's economy but if people understand that no one can influence the bitcoin and its value then there will be huge price increase with the bitcoin.

I think that it is still very early to say anything about it. In fact crypto currencies are still very new and even in developed countries very little people have good knowledge about crypto currencies, therefore I think that it is still very early to say that bitcoin will control the economic condition of a country.

Maybe this will indeed trigger the Turkish community to plant their assets in the cryptocurrency world, because crypto supports long-term success. Maybe in the following years we will see it.

is that possible ??? I do not think so

Although I do not have enough knowledge about turkey economic condition but I think that still in turkey the bitcoin users may not be too much who which can boost the bitcoin price. I hope that I their government will take some decision about it then it may be possible.

How did you know there are some capital flow into bitcoin from turkey business and finance firm? Where did you get that information from? From what I can see so far, the only thing I would be able to guess if I am a financial firm in turkey is to make use of what has been used over the years. It is a whole lot risk to take if putting money in the crypto world, as people obviously has not understood the importance yet. Sure, it would have been a good thing, but for the fact that it is a volatile market and you would not want to jump from frying pan into fire, that would make it a bit hard. There would be some other country's fiat currencies as well; some might want to hedge their funds.

Triggering the next bull run for crypto will require more than just Turkey's economic crisis. Moreover, it is not like overnight, Turkish citizens will just start pulling all their funds and putting it into crypto without understanding how volatile and risky the space can be which would make them preferably choose a traditional asset that has been used over the years like gold and silver. Practically few of the crypto enthusiasts may want to see the space as an avenue to hold on to, but that would take a lot of understanding.

Yeah! A time will come when people will start seeing why it is necessary to invest in this space. A lot of the institutions already know the potentials available in this market, but they sure won’t want that much attention until they are able to hold enough of it for the long run.

It is a good thing for those who are seeing the importance of being in this market and not just because of the long term profit, but because it stands a chance to be utilized as a means of storing value which was even brought about in the first place due to the past economic crisis repeating itself.

No matter what, one country cannot simply just turn the outcome of a market around since we are talking global here. Sure, there are some places where adoption may be huge and could slightly have some effect, but I do not think turkey can really bring about such a drastic change no matter how the citizens see the need to pull out from fiat into crypto due to the economic crisis.

It is a start anyway as that would show the rate at which people gets to see the space as a safe haven from all the bullshit rubbed on them by their government.

Irrespective of what the media-biased and influenced by the rich- let you see; one should do their own research as well and should explore the ground realities as well. Though the US has doubled the tariff on the steel exports, the Turkey has also minimized the imports of electronics from US and this is exactly the same move by the Turkey.

Intervention of the Qatar oil rich company and its investment in the Turkey helped the struggling country recover and looks like they are not so much affected.

Indeed, since cryptocurrency market is huge enough to cover one country to ove it. There should be a worldide trend and demand to trigger it. Though one country can help, but the more the merrier is always welcome and it should be.

Turkey get crisis but is not connection with bitcoin, the turkey crisis it happen because the rule of american state and their government do not have good connection each other and it why the crisis of economic in Turkey. I don’t see it have great effect for bitcoin price at the future.