Turkey’s economic crisis can trigger the next crypto bull run

[drm]

So far there is no clear example of Bitcoin growing as the result of some economic disaster.

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.

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.

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[21BTC100ETH]

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

What do you guys think? 

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

[carlisle1]

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.

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

[jseverson]

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

[Esqarrouth]

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

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.

Or maybe stablecoins?

[BrewMaster]

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.

[Lexurdania]

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

What do you guys think? 

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

[jseverson]

Or maybe stablecoins?

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.

[r32godzilla]

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.

[markj113]

But turkey's economic crisis has almost been stopped by Qatar's funding in billions of dollars.

Like QE fixed all the West's financial problems.

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

Just lol.

[danherbias07]

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.

[Shitcoins Whale]

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.

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.

[Harlot]

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".

[JostikSSS]

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.

[BrewMaster]

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.

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.

[vit05]

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.

[coldplay3r30]

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

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.

[Ilegendph]

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.

[DevelopmentBank]

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

What do you guys think? 

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.

[Aramazdi]

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.

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.