BTC has hit ATH against Turkish Lira

[RapTarX]

Recently, BTC has already hit ATH against Turkish currency Lira. I have seen this popping up on the social media and surprised before watching that Turkish Lira has lost a lot of value. Back in 2017 ATH of Bitcoin, Lira was priced at around 3.75 Lira per USD while now it has lost value and is priced around 6.98 Lira per USD.
Nevertheless, it's still an ATH and we can see another ATH soon against BTC as well.
Source- https://cryptopotato.com/bitcoin-price-hits-ath-against-the-turkish-lira/

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[bitmover]

Bitcoin hit all time high against Brazilian Real BRL as well , a few months ago.

But this is more due to fiat devaluation than to bitcoin valuation,  as bitcoin would still need about 70-80 % more to reach it's all time high against dolar.

Bitcoin was a very good hedge in this pandemic crisis for developing countries,  which fiats suffered a lot.

[dothebeats]

ATH against BTC in the negative sense unfortunately.

Even if it's an ATH, it still doesn't look good if the paired currency is devaluing massively. It just shows that the currency is struggling to keep a steady value while the rest of the world are still holding on and not giving in to hyperinflation. Turkish Lira has been sliding towards a bad shape since the start of 2015. Some say it's from the workings of foreign powers, but I mainly believe that it's due to the instability of their government and the lack of incentive to really invest in Turkey and place a mainstay company or even an offshore department from there. Good thing though that Turkey does not prohibit the use and trades of cryptocurrency, as it might help its population save some value on their hard-earned money in the midst of the rapid loss of value of the Turkish Lira.

[NotATether]

Some say it's from the workings of foreign powers, but I mainly believe that it's due to the instability of their government and the lack of incentive to really invest in Turkey and place a mainstay company or even an offshore department from there.

You are correct, the main reason why countries experience inflation is because the country, the government as a whole is so much in debt their revenue can't pay it off. So to approach this problem they think that printing higher valued notes will create the money needed to pay off the debts but this money is devaluated because it isn't backed by anything, not even by the monetary policy of their central banks or by the selling of currency bonds. Few countries want to buy bonds of another country that's printing larger banknotes because those bonds are worthless. Foreign powers may be able to influence some economics like imports and exports but they don't have much of a say in other countries' monetary policies.

[Baofeng]

Bitcoin hit all time high against Brazilian Real BRL as well , a few months ago.

But this is more due to fiat devaluation than to bitcoin valuation,  as bitcoin would still need about 70-80 % more to reach it's all time high against dolar.

Bitcoin was a very good hedge in this pandemic crisis for developing countries,  which fiats suffered a lot.

Yes, as national fiat currency collapses, more wise investors are going to shift to bitcoin to hedge their wealth. I think a good test case is Venezuela it's been years now since bitcoin has been hitting ATH there and it seems that Turkey are going on the same way today. Doesn't sound good in the country though, and I do hope that they can bounce back and not go deep like Venezuela.

[Cnut237]

Bitcoin hit all time high against Brazilian Real BRL as well , a few months ago.

But this is more due to fiat devaluation than to bitcoin valuation,  as bitcoin would still need about 70-80 % more to reach it's all time high against dolar.

Bitcoin was a very good hedge in this pandemic crisis for developing countries,  which fiats suffered a lot.

This is true. Bitcoin hitting ATH against a currency at the moment says a lot more about that currency than it does about bitcoin.
Bitcoin is however still a huge gamble in the short-term due to the volatility of which we're all aware. Perhaps in the long-term bitcoin can become a viable safe-haven and store-of-value, but it is certainly not there yet. Whilst crypto has done better than fiat in some nations recently, this does not mean that the situation will remain like this over the longer term.

[AjithBtc]

Governments were sole responsible for the devaluation of money value. With the recent crisis more and more number of countries have been experiencing a crash in the economy. This way if we go through the money value against bitcoin we can see more other countries other than Brazil, Turkey having the new ATH value for bitcoin.

[chronicsky]

IMHO Bitcoin ATH only matter when it's trade-able worldwide for that price.
Otherwise Bitcoin prices are high all around like in Africa, Venezuela and so on

The way things are going, it shouldn't be long before it hits new ATH in USD or EUR

[Leviathan.007]

Whenever you are comparing BTC to any currency, you should also the check the currency itself. Currently, because of the economic crisis and rise of the inflection rate in all over the world, as you can see on the markets all the metals such as gold are rising over all currencies, which mean the currency is losing it price over times. In the other hand, BTC started bull the run. By rising the BTC price and falling down the currency, the ATH was always completely possible.

[Rikafip]

Recently, BTC has already hit ATH against Turkish currency Lira. I have seen this popping up on the social media and surprised before watching that Turkish Lira has lost a lot of value. Back in 2017 ATH of Bitcoin, Lira was priced at around 3.75 Lira per USD while now it has lost value and is priced around 6.98 Lira per USD.

Unfortunately for Turks, Turkish Lira has been loosing value against USD constantly since 2008, so this is just a continuation of a trend that that doesn't seem will end any time toon as Erdogan got rid of any opposition there.

Lesson for Turks: save value of your money, invest in BTC!

[GreatArkansas]

(.....)
Lesson for Turks: save value of your money, invest in BTC!

This is really unexpected for sure.
And I believe that most of from Turkey have some regrets about this. It is also difficult for them especially for those people who don't have any knowledge what is Bitcoin or non-techy people.
But you have point somehow for saving the value of our money and investing in Bitcoin is one of the best idea but STILL, there is still risk for investing in Bitcoin, we should also aware on that.

[Upgrade00]

And I believe that most of from Turkey have some regrets about this. It is also difficult for them especially for those people who don't have any knowledge what is Bitcoin or non-techy people.

High-tech knowledge isn't really needed when investing in bitcoins as there are indirect means of investing today through exchange traded funds and the holder wouldn't need to create a wallet address or deal with the security of their coins. However, due to the volatility in bitcoins' value, it does not yet fit perfectly as a store of value, especially if it's one the holder wants to reach into and spend from time to time. The holder would need to develop high trust in the technology and understanding of markets

Gold can also be purchased as a basket of shares managed by a broker, if this is still to technological, people have been known to purchase the actual gold bars (billion) and store them under their beds in Turkey, this should provide an alternate means of hedging funds.

[sunsilk]

IIRC, there were countries too before that had the same news for which bitcoin reached ATH on their currencies. I barely remember that country but that means that those people who held bitcoin before the all-time high and even during the ATH are the ones that will benefit from it. But, the other side, there's negativity from it if their fiat value is depreciating.

ATH against BTC in the negative sense unfortunately.

Even if it's an ATH, it still doesn't look good if the paired currency is devaluing massively. It just shows that the currency is struggling to keep a steady value while the rest of the world are still holding on and not giving in to hyperinflation. Turkish Lira has been sliding towards a bad shape since the start of 2015. Some say it's from the workings of foreign powers, but I mainly believe that it's due to the instability of their government and the lack of incentive to really invest in Turkey and place a mainstay company or even an offshore department from there. Good thing though that Turkey does not prohibit the use and trades of cryptocurrency, as it might help its population save some value on their hard-earned money in the midst of the rapid loss of value of the Turkish Lira.

I didn't know that they've been experiencing this since 2015. I thought this is just the year where most countries will experience the bad shaping of their economy due to pandemic.

[pooya87]

ATH against BTC in the negative sense unfortunately.

it is not negative sense, it is how fiat is!
thanks to fiat's inflation it will always continue losing value. we see extreme cases in currencies such as Lira but it is happening to all fiat currencies. and since we commonly use USD to report bitcoin value, it is no different there either. USD is also losing value over time even if at a slower pace. with the recent super crazy USD printing it has lost a lot of value but it is getting there (to its real value) slowly because it is slowed down by manipulation so people don't get shocked by economy tanking hard and suddenly.

p.s. as a matter of fact part of the reason why bitcoin is rising in value (also gold) is because USD is losing its value.

[Wind_FURY]

After reading some of the replies in the topic, shower thought. "Is Bitcoin a form of financial instrument/derivative to hold to SHORT the central banking system"?

[slaman29]

Recently, BTC has already hit ATH against Turkish currency Lira. I have seen this popping up on the social media and surprised before watching that Turkish Lira has lost a lot of value. Back in 2017 ATH of Bitcoin, Lira was priced at around 3.75 Lira per USD while now it has lost value and is priced around 6.98 Lira per USD.
Nevertheless, it's still an ATH and we can see another ATH soon against BTC as well.
Source- https://cryptopotato.com/bitcoin-price-hits-ath-against-the-turkish-lira/

I think it has already hit a historic high on so many fiat currencies by now, since fiat is doing nothing but devaluing every time with more paper being printed all over the world. If I remember a few months ago, 1 satoshi finally equalled 1 unit of some countries' currencies too.

Fiat is going down the drain my friends.

[Rikafip]

I didn't know that they've been experiencing this since 2015. I thought this is just the year where most countries will experience the bad shaping of their economy due to pandemic.

That goes on for much longer that that. Just look at the ratio prior to 2010 when it was around 0.80, and compare to it now when ratio is 1 LIRA =0.14 USD. That's something like 80%  loss..



As pooya87 said, all fiat currencies loose their value over time, that's how they work, its just that stabile ones  that are tied to strong economy loose maybe few % per year (and that's why saving cash is worst possible thing you can do, as interest you get in bank is lower than inflation, therefore you loose money).

[casperBGD]

I didn't know that they've been experiencing this since 2015. I thought this is just the year where most countries will experience the bad shaping of their economy due to pandemic.

That goes on for much longer that that. Just look at the ratio prior to 2010 when it was around 0.80, and compare to it now when ratio is 1 LIRA =0.14 USD. That's something like 80%  loss..



As pooya87 said, all fiat currencies loose their value over time, that's how they work, its just that stabile ones  that are tied to strong economy loose maybe few % per year (and that's why saving cash is worst possible thing you can do, as interest you get in bank is lower than inflation, therefore you loose money).

yes, indeed
last time when i was in Turkey, and that was in 2010, one EUR was about 2 TRY, and now is about 8,4 TRY, so this news should be taken as byte-click, because TRY was down for more or less every measurement that you can think of, BTC as well
BTC is on the half of the road to maximum value, and the thing that it touched ATH against TRY does not mean a thing for anyone outside Turkey, and for them it is the same, all other currencies are on ATH against TRY

[pakhitheboss]

I won't be surprised if BTC hits a new ATH with most fiat currencies, considering the state of Global economics due to the pandemic. It might reach a new ATH with USD if the pandemic situation in the US does not come under control soon.

As per IMF biggest global recession will hit the world by end of this year, this means most fiat currencies will lose their present valuation with USD which will also affect the USD.

[gentlemand]

ATH's due to increasing worthlessness are meaningless other than demonstrating why people in such places should be in BTC. I remember the laughable surveys saying 20% of Turks were balls deep in Bitcoin. Maybe an actual few wish they were.