An escalating dispute with U.S. President Donald Trump over tariffs on Turkish steel and aluminum and concerns about the health of the Turkish economy meant the Turkish lira lost a fifth of its value against the dollar last week, pushing it to record lows and down around 45% so far this year.
And the Turkish lira has continued to slide despite the country’s finance minister promising to implement a market-calming plan on Monday.
Finance Minister Berat Albayrak said in a Sunday interview with local media outlet Hurriyet that Turkish institutions will take "necessary steps", though Reuters reports few specifics were provided.
Albayrak's comments come hours after Turkey's President Recep Tayyip Erdogan railed against high interest rates and described the plunge in the country’s currency as a foreign "operation".
Erdogan also called on Turkish citizens to exchange any dollars, euros or gold they own for the lira to prop it up, according to media reports.
Now Turkey risks a Venezuela-style move towards bitcoin and cryptocurrency if people lose faith in its currency.
I have not even seen this article before my earlier comment on the issue with Venezuelan devaluation of its currency by as much as 95% to its crypto currency and some people are heaping blames on the president to have been responsible without recognising the influence of foreign governments in a Nation's economy and bending to their rules will always come at a cost in the home country which mostly leave the country's political class to start exploring some not popular choices imagine imploring citizens to start exchange any foreign currency they own in other to boost the value of the local currency but how far would that and how much effect would that make considering the fact that citizens cannot be forced to consider that option without invading on their rights as guaranteed by the constitution.
it is very bad that in Turkey there was such a sharp drop in their currency! many people began to buy bitcoin to save their money! from this and the capitalization of bitcoins for the last week has grown! the more people will invest in crypto currency, the faster it will start growing up!
It really a bad thing though but I don't see investing in bitcoin as a solution because it still does not remove the fact that Lira goes beyond currency, its their identity and the majority of the people who don't have the means to invest in bitcoin would have to suffer for it. What needs to be done is for everyone to put hands together while the political class be willing to compromise reasonable for the benefit of the masses.
