[2016-07-19] Turkish Coup: Further Cause to Consider Investing in Bitcoin?

[CrimBit]

Was bitcoin’s price spike yesterday in response to the attempted Turkish military coup? Current events continue to make the case for bitcoin as an investment, according to Orange Peel Investments, an investment firm that describes itself as “long” on bitcoin. The company contributed an opinion about bitcoin’s role as an investment in Seeking Alpha.

 

Turkish citizens, alarmed by an attempted military coup, began withdrawing cash from ATMs and banks, not knowing what the future held for their financial security. The same thing happened in recent years when uncertainties afflicted Cyprus and Greece. The U.S. witnessed a run on banks in 2008 in response to the housing market collapse.

https://www.cryptocoinsnews.com/turkish-coup-further-cause-to-consider-investing-in-bitcoin/

[Strongkored]

Another news from news.bitcoin.com :

Turkish Residents Flock to Bitcoin During Military Coup

The Turkish government is currently rounding up members of the groups that launched a military coup in recent days. During the coup, citizens ran to their banks and local ATMs to get their wealth out of the system as Turkey’s currency dropped significantly in value.

As usual, many Bitcoiners believe residents living in Turkey should look to bitcoin to preserve their wealth. The Turkish Lira’s value has suffered as the military coup stirred fear throughout the country. With the civil unrest unfolding, media publications such as Seeking Alpha are reporting about bitcoin being used as a financial safe haven.

READ MORE >>> https://news.bitcoin.com/turkish-bitcoin-military-coup/

[DooMAD]

It should also be noted that PayPal has been unavailable in Turkey since early June due to licensing issues, so people had few alternatives.  Regulation has its downsides.

[Strongkored]

It should also be noted that PayPal has been unavailable in Turkey since early June due to licensing issues, so people had few alternatives.  Regulation has its downsides.

so in my opinion save their money in the form of bitcoin is a great alternative right? because of the coup that occurred yesterday in turky not affect the price of bitcoin I guess.

[richardsNY]

It should also be noted that PayPal has been unavailable in Turkey since early June due to licensing issues, so people had few alternatives.  Regulation has its downsides.

so in my opinion save their money in the form of bitcoin is a great alternative right? because of the coup that occurred yesterday in turky not affect the price of bitcoin I guess.

Bitcoin is and has been a great alternative since it came to life. I honestly don't understand why people still see PayPal as something useful with Bitcoin being superior to PayPal in nearly every aspect. I say nearly because some people like the fact that they can charge back their money as being a buyer.

[Strongkored]

It should also be noted that PayPal has been unavailable in Turkey since early June due to licensing issues, so people had few alternatives.  Regulation has its downsides.

so in my opinion save their money in the form of bitcoin is a great alternative right? because of the coup that occurred yesterday in turky not affect the price of bitcoin I guess.

Bitcoin is and has been a great alternative since it came to life. I honestly don't understand why people still see PayPal as something useful with Bitcoin being superior to PayPal in nearly every aspect. I say nearly because some people like the fact that they can charge back their money as being a buyer.

yeah you right, according to the following articles http://cointelegraph.com/news/10-reasons-why-bitcoin-is-better-than-paypal should people have started using bitcoin than paypal. But maybe paypal own repustasi that well beforehand, so it makes paypal users are reluctant to switch to bitcoin.

[richardsNY]

It should also be noted that PayPal has been unavailable in Turkey since early June due to licensing issues, so people had few alternatives.  Regulation has its downsides.

so in my opinion save their money in the form of bitcoin is a great alternative right? because of the coup that occurred yesterday in turky not affect the price of bitcoin I guess.

Bitcoin is and has been a great alternative since it came to life. I honestly don't understand why people still see PayPal as something useful with Bitcoin being superior to PayPal in nearly every aspect. I say nearly because some people like the fact that they can charge back their money as being a buyer.

yeah you right, according to the following articles http://cointelegraph.com/news/10-reasons-why-bitcoin-is-better-than-paypal should people have started using bitcoin than paypal. But maybe paypal own repustasi that well beforehand, so it makes paypal users are reluctant to switch to bitcoin.

People are very weird, there is something much better available, but still they stick to the older least interesting option. I have used PayPal just a few times at the very beginning, but I directly stopped doing so after I have seen what Bitcoin can do for me. If I am able to do it, then others can do it too.

[European Central Bank]

yeah you right, according to the following articles http://cointelegraph.com/news/10-reasons-why-bitcoin-is-better-than-paypal should people have started using bitcoin than paypal. But maybe paypal own repustasi that well beforehand, so it makes paypal users are reluctant to switch to bitcoin.

if paypal users switched to bitcoin en masse then the whole network would grind to a halt, or become so expensive that everyone would go back to paypal by the end of the week.

it's probably for the best that it's gonna take ages so it can get ready. it sure isn't right now.

[yayayo]

It's true that the Turkish Lira and the stock market reacted sharply to the attempted coup. However looking at a longer term chart, the loss in value is not that dramatic. A coup d'état is surely an event when people should worry about all funds stored in the national currency. But a long time before the currency looses all its value, the banks will likely be closed. Therefore it is fully understandable that people quickly lined up in front of the ATM's, as soon as the coup was announced.

However we should be very careful to draw the wrong conclusions from these information in regard to changes in Bitcoin's valuation. Turkey is not a country where Bitcoin is widely known. Assuming the price spike was the result of Turkish buy orders is not realistic. Of course the instability of the country will stimulate Bitcoin use in Turkey. But the adoption rate to start from is very low and the latency is significant.

ya.ya.yo!