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Author Topic: bitcoin is regaining dominance. Turkey citizens buying btc.  (Read 42 times)
bitmover
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August 13, 2018, 11:50:06 PM
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Turkey is facing a crisis as its national currency is plunging. The 10-day volatility of the lira relative to the U.S. dollar has surpassed that of Bitcoin (BTC). President Recep Tayyip Erdogan has been urging the people of Turkey to exchange their dollars and gold for lira, The Guardian reports.

However, it appears that the savvy citizens of Turkey are exchanging their lira for Bitcoin, evidenced by an increase in the trade volume across cryptocurrency exchanges in the country, according to Forbes.

Though the absolute volumes are still low, the crisis has still shown the importance of cryptocurrencies, which due to their decentralized nature can’t be controlled by governments and central banks. A recent study by Yale economist Aleh Tsyvinski said that an optimal portfolio should park at least 6 percent of its funds in Bitcoin.

Although the overall sentiment in the crypto world is still bearish, the market participants continue to favor Bitcoin, which has increased its dominance above the 51 percent mark.
source: https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-iota-price-analysis-august-13

Bitcoin is showing great resilience in this crash. Already 51%.
Ethereum is now 280.

Turkey citizens buying btc shows again one of the most important attributes of bitcoin, and why it is valuable: if cannot be controlled.

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August 14, 2018, 08:51:14 AM
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Yes. The correlation between overprinting of fiat currency induced inflation and high crypto ownership is an interesting one. Venezuela and turkey could both be prime examples of this in practice. I'm not proud of crypto benefiting from negatives faced by nations for adopting negative economic policies. But the long term trend does appear to benefit bitcoin and crypto, some of which were designed to stave off negative circumstances such as overprinting and hyperinflation.

It is also interesting to note that inflation in the USA, EU and around the world could be underrated similar to how economic definitions relating to unemployment have been changed over time to make metrics appear more optimistic or positive. In an effort to avoid having the public lose confidence in state officials and governments.

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August 14, 2018, 08:58:28 AM
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Turkey is facing a crisis as its national currency is plunging. The 10-day volatility of the lira relative to the U.S. dollar has surpassed that of Bitcoin (BTC). President Recep Tayyip Erdogan has been urging the people of Turkey to exchange their dollars and gold for lira, The Guardian reports.

However, it appears that the savvy citizens of Turkey are exchanging their lira for Bitcoin, evidenced by an increase in the trade volume across cryptocurrency exchanges in the country, according to Forbes.

Though the absolute volumes are still low, the crisis has still shown the importance of cryptocurrencies, which due to their decentralized nature can’t be controlled by governments and central banks. A recent study by Yale economist Aleh Tsyvinski said that an optimal portfolio should park at least 6 percent of its funds in Bitcoin.

Although the overall sentiment in the crypto world is still bearish, the market participants continue to favor Bitcoin, which has increased its dominance above the 51 percent mark.
source: https://cointelegraph.com/news/bitcoin-ethereum-ripple-bitcoin-cash-eos-stellar-litecoin-cardano-monero-iota-price-analysis-august-13

Bitcoin is showing great resilience in this crash. Already 51%.
Ethereum is now 280.

Turkey citizens buying btc shows again one of the most important attributes of bitcoin, and why it is valuable: if cannot be controlled.

If that much of individual is exchanging for bitcoins, then that would be a good effect to those who already had investment in Bitcoin. Though it's too early to celebrate, at least we can see that the future is bright.

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August 14, 2018, 09:01:44 AM
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You can't just blame anyone relying to BTC instead. Its sad to see counties struggle to cope up with their economy, I'm from a developing country too and its really not fun the inflation where the fellow citizen is facing. The daily necessity is affected and gas price for your car expense is growing. Turkey citizen must have seen it and so storing their wealth in BTC makes sense.

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August 14, 2018, 09:29:02 AM
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You can't just blame anyone relying to BTC instead. Its sad to see counties struggle to cope up with their economy, I'm from a developing country too and its really not fun the inflation where the fellow citizen is facing. The daily necessity is affected and gas price for your car expense is growing. Turkey citizen must have seen it and so storing their wealth in BTC makes sense.
If that is really the opportunity for this country then we should congratulate them. Because it is not easy, a certain country accepts electronic money. What does it bring to the community, only the community knows best. But also so the costs also affect, I think that is not a big problem.

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August 14, 2018, 02:03:00 PM
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I do not think this news is real. The Turkish president has called on citizens to sell all assets and transfer them to the national currency.[1]
If you notice that the Turkish lira is holding against the dollar, it seems that there is a response to those calls.
Even if you are in Turkey, I will not risk investing in highly volatile currencies "crypto" against gold.

The reason for the decline of Bitcoin and altcoins is  "huge altcoin dump."
I do not know why Ether collapsed, but It seems to be losing his place soon.

[1]  Turkish President Erdogan: Turkey faces economic war

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August 14, 2018, 02:32:07 PM
 #7

Turkey is moving towards running unfortunately a very bad economic collapse. Especially in the last 2 weeks, almost 40% depreciated currency is getting more and more day by day, and people are getting poorer day by day. Greece had increased in popularity with the measures taken are experiencing crisis period Bitcoin, and now the same situation where the possibility of money for everyone living in Turkey want to wait here. Especially Turkish banks either do not pay for those who want to buy TL cash in cash, or pay a very small amount. We see a lot of people passing Bitcoin just because of this. There is also a claim that deposit accounts will be seized even if it is a lie, which will drag this country into a serious crisis. In order to be able to confiscate Bitcoin, it was possible to meet all kinds of people, from the depositors to the cashier Bitcoin in possession. For that reason, I think that it is inevitable that we will see that Turkish citizens are constantly buying for a certain period of time.


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