Turkey looks to Bitcoin as Lira Collapse Continues

[FXTradingPro]

BTC once again plays the role of a safe haven asset as the Turkish Lira is in freefall. BTC has been incredibly stable and serving its purpose as a collapsed economy tries to find its footing.

https://www.reddit.com/r/CryptoCurrencies/comments/98ld1j/turkey_looks_to_bitcoin_as_lira_collapse/

[nightandday]

BTC once again plays the role of a safe haven asset as the Turkish Lira is in freefall. BTC has been incredibly stable and serving its purpose as a collapsed economy tries to find its footing.

https://www.reddit.com/r/CryptoCurrencies/comments/98ld1j/turkey_looks_to_bitcoin_as_lira_collapse/

Good. Venezuela, Iran, and Turkey seem to be getting a premium for BTC right now. People say  "but they have low volume on exchange" not taking into count that BTC in these places are being earned or traded for currency Over The Counter. People are not spending their Bitcoin there. They are hoarding it.

[Veterock]

The economy of Turkey does not have a collapse, it is a very strong country, with a strong production. Lira is not an indicator.

[Satosho Kakamolto]

BTC once again plays the role of a safe haven asset as the Turkish Lira is in freefall. BTC has been incredibly stable and serving its purpose as a collapsed economy tries to find its footing.

https://www.reddit.com/r/CryptoCurrencies/comments/98ld1j/turkey_looks_to_bitcoin_as_lira_collapse/

This is really cool, Bitcoin being more stable and reliable than a national FIAT currency - this could be a great game changer if this news reaches the people.

[Mia Wallace]

Turkey's economy is under the financial crises due to the inflation as their currency continue to collapse in the market with  other international currencies during their trade with other countries. The government has to adopt bitcoin as a parallel currency in the place of their national currency since bitcoin will not effect the such inflation for the business  transactions .Bitcoin has the previous experience of protecting such countries which are in the financial crises and hence Turkey can get rid of financial crises.

[GalahadSeika]

This is looking good for turkey but they still low in volume in terms of btc. If they will find their way to have a large volume, this could mean everything to them.

[Dexion]

Today's Turkey market capitalization is in a dying condition, the Lira currency has decreased and has become weak, Turkey plans to follow Venezuela, but until today, there is no decision from the Turkey government.

I think that Turkey must act like Venezuela quickly, Turkey must adopt crypto to improve their economy, because crypto cannot be influenced by politics, the military, and the global crisis.

[tomahawk9]

Not surprising, since Bitcoin can be more profitable to hold for the long-term than the Lira which has a higher chance to keep going down..

I believe most people inTurkey who are currently holding BTC are doing the same thing than the folks in Venezuela (another country getting hit by inflation) where they'll just go to the black market and sell their BTC for fiat currency. All in all, it's good to see that people are shifting to a decentralised cryptocurrency, and it seems like adoption is not far away in those two countries suffering an economic collapse since every day more and more people are jumping into the Bitcoin bandwagon.

[mr.nby]

Today's Turkey market capitalization is in a dying condition, the Lira currency has decreased and has become weak, Turkey plans to follow Venezuela, but until today, there is no decision from the Turkey government.

I think that Turkey must act like Venezuela quickly, Turkey must adopt crypto to improve their economy, because crypto cannot be influenced by politics, the military, and the global crisis.

Has economics improved in Venezuela? I don't think so. The impact of bitcoin on the economy is very small and it isn't possible to separate economics from politics. The introduction of bitcoin will not change that. Bitcoin is not a wonderful means for all the problems of the world.

[Satosho Kakamolto]

Today's Turkey market capitalization is in a dying condition, the Lira currency has decreased and has become weak, Turkey plans to follow Venezuela, but until today, there is no decision from the Turkey government.

I think that Turkey must act like Venezuela quickly, Turkey must adopt crypto to improve their economy, because crypto cannot be influenced by politics, the military, and the global crisis.

Has economics improved in Venezuela? I don't think so. The impact of bitcoin on the economy is very small and it isn't possible to separate economics from politics. The introduction of bitcoin will not change that. Bitcoin is not a wonderful means for all the problems of the world.

You cannnot solve the problems of countries by magic with crypto. Crypto is not a magic tool. Don't treat crypto as a sort of magic potion which will do miracles wherever you spray it. It won't.

[pooya87]

BTC once again plays the role of a safe haven asset as the Turkish Lira is in freefall. BTC has been incredibly stable and serving its purpose as a collapsed economy tries to find its footing.

bitcoin has been stable with bitcoin standards but generally speaking it has not been stable at all. this means there has been a lot of fluctuations where price goes up and down 10% or lower and you can not consider that "stable" when you are talking about it as a "safe haven" where people store their money. when price falls from $6900 to $6400 for example that is a 7% fall, in bitcoin terms that is still stable because that is how bitcoin volatility is. but as a place where you store your value you just lose 7% of your money that you were trying to store.

there certainly are many Turks who are investing in bitcoin, now more than before, but it  certainly is not the way that we keep hearing in the media. the scale on which this is happening is so small.

[andohyeb]

Developing economies should focus on expanding and strengthening their national currency than wasting time on cryptocurrency integration into their national monetary system. Bitcoins can't solve Turkeys deteriorating currency.

[bayu7adi]

Erdogan is the best president of all time, my decision is the best
If it is true that Erdogan and the Turkish people want to adopt bitcoin, I don't think it hurts, and it looks like Bitcoin is ready to shake the world

[CoinsGazer]

From this perspective, we can't affirm the value of Bitcoin from the real economy, but in reality, when someone recognizes its value, it plays its role after it is used. Since Bitcoin has been hoarded by many underlying people to counter the instability of the country's sovereign currency, its value will not be wiped out.

[Pursuer]

for a while now, bitcoin has been looked at as a good alternative to the old and big investments such as gold. many even refer to bitcoin as digital gold, although I disagree with this view but that is an inevitable thing that has happened and people are "investing" in bitcoin instead of using it as a currency. one of the cases is when there is an economic crisis going on. but I don't expect any noticeable rise because of it because people of these countries usually trade off the main markets and because of that they don't affect the prices.