BTC has hit ATH against Turkish Lira

[CryptopreneurBrainboss]

The truth of the matter is, non of those fiat currency really matter as they're not the dominant currencies. We all know when new all time highs are been debated on the fiat value are always linked to that of the USD and until bitcoin is able to cross that highest USD value of 2017 only then can we celebrate and not all these other fiat that we careless about. In my country around 2017, a dollar was around N350 +/- but currently it's trading above N400 so if the fiat value of bitcoin in my country crosses that of 2017 which is around N7million those that call for celebration when I know the fiat is getting devalued.

We should pick some lessons from this too as it's showing us that investing in bitcoin is very important, and a savior from the scam called fiat. Just imagine holding your savings in these fiat getting devalued yearly. You think you have money but you end up having less everytime your currency gets devalued.

[Rikafip]

I remember the laughable surveys saying 20% of Turks were balls deep in Bitcoin. Maybe an actual few wish they were.

Yeah that sounds like a gross exaggeration. I mean, I know that Bitcoin is probably popular in Turkey if we base it on their activity on bitcointalk, but that number is crazy. There are more than 80 million Turks, by that survey it means 16+ million of them are "balls deep" in Bitcoin. If that was indeed the case, price of BTC would be way higher. Hell, if 1% of Turks were balls deep in BTC that would be reflected in  price.

We should pick some lessons from this too as it's showing us that investing in bitcoin is very important, and a savior from the scam called fiat. Just imagine holding your savings in these fiat getting devalued yearl. You think you have money but you end up having less everything your currency gets devalued.

+1

If you live in a politically and economically unstable country, it makes more sense that you use BTC (as volatile as it is) as store of value, rather than your own country's fiat currency. Maybe not all, but a significant portion. My country's currency (Croatian Kuna) is generally stabile, yet again I rather choose BTC.

[RapTarX]

I know what I meant here and I have explained in the OP that Turkis Lira has lost a huge value against USD. That was not the point. Having an ATH is still good regardless of whatever currency it is IMO. Well, there are currencies which lost value a few thousands times.
Since there was a lot of USD supply in the US economy, will you still say the same once BTC hits ATH against USD. Not certainly and you can't deny that USD has lost value as well. So, what's the point?

[lixer]

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/

While we are talking 1 dollar has became 7.10 Turkish lira as well, so it is losing value even more. I would say people who have invested into bitcoin in the past 3 years (with the exception of the ATH) have all profited, that was the big thing about the Lira and bitcoin in Turkey, people didn't cared about dollar as much as people here, for some reason people here all talk about bitcoin and dollar prices like it is a thing that we should care about but in reality we are not Americans, why would we care about dollar value of bitcoin?

We all live in our own nations and people who are not USA citizens should be looking at the price of bitcoin in their own fiat and even if your purchasing power stays same, at least you are not losing value like the fiat is losing.

[sunsilk]

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).

Swoosh.

Yes, fiat are made to be flatten and lose their value through inflation. I'm not just aware that Turkey has lost that much although in my country, we're also dealing with this.

We're doing a good thing that instead of saving our cash in the banks, we have it in bitcoin. The more we hold, the better strategy that we're doing to flee from the devaluation and inflation of our money.

[snipie]

Swoosh.

Yes, fiat are made to be flatten and lose their value through inflation. I'm not just aware that Turkey has lost that much although in my country, we're also dealing with this.

We're doing a good thing that instead of saving our cash in the banks, we have it in bitcoin. The more we hold, the better strategy that we're doing to flee from the devaluation and inflation of our money.

Gold before those last ten years, and bitcoin since have been the safest assets to secure your money from devaluation of FIAT which affected many countries outside the biggest economies.
Recently bitcoin increased very well but reaching ATH in several currencies is due mainly to the devaluation of FIAT rather than a big jump of BTC which is sad for those countries.

[sunsilk]

Swoosh.

Yes, fiat are made to be flatten and lose their value through inflation. I'm not just aware that Turkey has lost that much although in my country, we're also dealing with this.

We're doing a good thing that instead of saving our cash in the banks, we have it in bitcoin. The more we hold, the better strategy that we're doing to flee from the devaluation and inflation of our money.

Gold before those last ten years, and bitcoin since have been the safest assets to secure your money from devaluation of FIAT which affected many countries outside the biggest economies.
Recently bitcoin increased very well but reaching ATH in several currencies is due mainly to the devaluation of FIAT rather than a big jump of BTC which is sad for those countries.

It's true. Thank you as I have understood it why there were news in the past that there's all-time high in fiat currencies for bitcoin.

We are lucky to have bitcoin in our investments and keeping the value from the time we have bought it. And what's good about it is that the value of bitcoin is increasing as we're all expecting it through different factors that we know.

As fiat depreciate and devaluates, we have bitcoin that counters inflation.

[CryptopreneurBrainboss]

We should pick some lessons from this too as it's showing us that investing in bitcoin is very important, and a savior from the scam called fiat. Just imagine holding your savings in these fiat getting devalued yearly. You think you have money but you end up having less everytime your currency gets devalued.

+1

If you live in a politically and economically unstable country, it makes more sense that you use BTC (as volatile as it is) as store of value, rather than your own country's fiat currency. Maybe not all, but a significant portion. My country's currency (Croatian Kuna) is generally stabile, yet again I rather choose BTC.

Yeah that's why you see us coming to the space in our numbers (speaking about enthusiast from my geographical area) and Africa at large. Our native fiat currency gets devalued almost yearly. In fact every month, you holding Naira would likely give you less dollars but that's not the case with bitcoin. We investing in bitcoin gives us double advantage. When the profits aren't coming in bitcoin via price increase, you might get some more returns when cashing out to Naira comparing to what you invested due to inflation rate of Naira.

Let say I invested just $1000 which is around N387,000 (N387/$) as of press, in the coming months lets assume the market was boring, no much exciting price movement and the price is still trading around it's current price of +/- $11,600. Even though there's a little decline in price and I'm willing to cashout, I most likely will cashout more Naira then I invested.

[YOSHIE]

Recently, BTC has already hit ATH against Turkish currency Lira.

I will be surprised if I see news about Bitcoin reaching ATH against the dollar, if that happens it might affect all countries against the jump in the price of Bitcoin.

As we know that Turkey is currently on the verge of collapse from an economic point of view, this is influenced by the US dollar, the fall of the Lira made many investors withdraw assets and switch to other currencies.
For that trade against Bitcoin increased by more than 1.58%, or the equivalent of 91.21 million per coin, if calculated in dollars around: $ 6,359, this has no effect on other countries, only applies in Turkey.

[Sanitough]

This happens in the past already, not sure if it's the same currency but in the past when the market is bullish, some currency were having an ATH on its bitcoin trading pair. IMO, this is good, it's a sign that we are getting close to our expectation which is the bull run that could potentially break the current ATH.

I'm not surprise with this news actually, but I'm happy with this kind of news, it could bring some hype and would have a positive effect to the market in overall. Also, I believe that the pandemic was one of the factor why people are hedging their money on the recession.

[gentlemand]

Yeah that's why you see us coming to the space in our numbers (speaking about enthusiast from my geographical area) and Africa at large. Our native fiat currency gets devalued almost yearly. In fact every month, you holding Naira would likely give you less dollars but that's not the case with bitcoin.

99% or more of people will simply stick with the dollar. For most people that gets the job done in a vastly more widespread and straightforward manner.

It's similar to that Greek banking crisis. Bitcoiners were touching themselves at the idea of millions of Greeks pouring into Bitcoin to save themselves... or they simply grabbed Euros in cash where they could.

[bitmover]

If the US dollar loses it value, we can see the all time high much earlier.

Not necessarily.
If usd loses its values it will be against same pairs. For example, usd x Turkish lira ratio will get lower.
In this case bitcoin x usd will go up but bitcoin x lira will go down.

[pooya87]

If the US dollar loses it value, we can see the all time high much earlier.

Not necessarily.
If usd loses its values it will be against same pairs. For example, usd x Turkish lira ratio will get lower.
In this case bitcoin x usd will go up but bitcoin x lira will go down.

"value" of fiat should be defined as its purchasing power not its "price" versus another fiat currency. when a fiat like USD loses its value it means anything you were buying before now costs more in that fiat. for example when you go grocery shopping you'll end up paying more USD than before without groceries having gained any value.

[davis196]

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/

So what?Do we have to care about the Turkish lira?AFAIK,the Turkish lira is a pretty volatile and weak currency that gets devalued every time,when there are protests and political instability in Turkey.
The Turkish government also wants a weak lira,in order to stimulate the export and reduce import of goods and services.
Many countries have weak national currencies and Bitcoin have already reached an ATH against those currencies,but that doesn't matter for the crypto market.

[Harlot]

Bitcoin rising up in Turkish Lira can only mean 2 things 1 is that people in Turkey are selling their fiat currency to buy Bitcoin as some kind of "safe haven" and the other one is that the Turkish Lira has devalued fast that's why we are seeing an ATH for their exchange but there is a great chance that this 2 things is the reason why it got up to that level. A devalued fiat currency combined with people dumping it will result to Bitcoin being bought in that country to rise up in demand which will be the case if people in Turkey do buy cryptocurrencies there.

[pooya87]

Bitcoin rising up in Turkish Lira can only mean 2 things 1 is that people in Turkey are selling their fiat currency to buy Bitcoin as some kind of "safe haven" and the other one is that the Turkish Lira has devalued fast that's why we are seeing an ATH for their exchange but there is a great chance that this 2 things is the reason why it got up to that level. A devalued fiat currency combined with people dumping it will result to Bitcoin being bought in that country to rise up in demand which will be the case if people in Turkey do buy cryptocurrencies there.

people don't exactly have to buy bitcoin (more) for its value to go up against a devaluating currency. it is a simple matter of arbitrage that keeps the value fixed while raising it against the pair that is losing its value. it is somewhat similar to what has been happening to altcoins during bitcoin price rises. they never gain value during those times, in fact most of them lose value. but since bitcoin price rises against USD and the shitcoin drops a small amount against BTC the final price of it against USD seems higher so people think their shitcoin has gained value.

[stompix]

for some reason people here all talk about bitcoin and dollar prices like it is a thing that we should care about but in reality we are not Americans, why would we care about dollar value of bitcoin?

Because no matter how much you dislike it, that value is what matters.
Nobody gives a damn about the value of BTC in lira, pesos, bolivars, or yuans.
If I told you I would sell a BTC right now for 4500 Norwegian kronor what would be the first thing you would search for? The value in USD of those Norwegian kronor. 

We all live in our own nations and people who are not USA citizens should be looking at the price of bitcoin in their own fiat and even if your purchasing power stays same, at least you are not losing value like the fiat is losing.

That's the whole trick if your national currency is losing value against a somewhat stable currency like the euro or the American dollar it's impossible for to keep your purchasing power intact unless you're North Korea.

Bitcoin rising up in Turkish Lira can only mean 2 things 1 is that people in Turkey are selling their fiat currency to buy Bitcoin as some kind of "safe haven" and the other one is that the Turkish Lira has devalued fast that's why we are seeing an ATH for their exchange but there is a great chance that this 2 things is the reason why it got up to that level.

Do you really think that a few exchanges with a few million in daily volume would be able to influence the trillions per day forex market?
The drop in value of the Turkish lira against BTC is the result of the devaluation of the lira against the USD, it's the result not the cause.

[SquallLeonhart]

I disagree that Turkish Lira doesn't matter and things like dollars, euros and sterling is the thing that matters only. Because, there are tons of people and tons of money coming in from those nations as well that matters for those people and they could make moves according to that. We are talking about people who bought at 20k levels and still holding to make a profit finally be able to sell and take out profit, that is 3 year wait so they have all the right to sell if they want to get out and when they do that we are talking about hundreds of millions of dollars worth of money getting out of the market.

You can go check how much Turkey is involved in crypto and as a nation with failed economy they are really interested in bitcoin which means they are very important. Nations powers doesn't matter in bitcoin, how much people have power on bitcoin is the only thing that matters.

[Harlot]

Bitcoin rising up in Turkish Lira can only mean 2 things 1 is that people in Turkey are selling their fiat currency to buy Bitcoin as some kind of "safe haven" and the other one is that the Turkish Lira has devalued fast that's why we are seeing an ATH for their exchange but there is a great chance that this 2 things is the reason why it got up to that level.

Do you really think that a few exchanges with a few million in daily volume would be able to influence the trillions per day forex market?
The drop in value of the Turkish lira against BTC is the result of the devaluation of the lira against the USD, it's the result not the cause.

If we are talking about any kind of asset market the price movement of any asset rarely is contributed to one factor. For example the devaluation of Turkish Lira cannot be the only factor why Bitcoin has hit its all time high solely because of it, yes it contributed to it greatly but do you even think that it will rise up to that level if people are not exchanging their Turkish Lira for Bitcoin? Of course it won't, the price chart won't even move if there will be no buying and selling happening in the market.

[pooya87]

I disagree that Turkish Lira doesn't matter and things like dollars, euros and sterling is the thing that matters only. Because, there are tons of people and tons of money coming in from those nations as well that matters for those people and they could make moves according to that.

anybody who participated in the market matters but it is all about the degree of their influence and that degree is based on the volume. when the volume coming from other currencies in other exchanges is compared to the volume coming from major exchanges in USD then you can see that they are negligible.
in some cases there is also the problem of OTC trading that it doesn't really affect the price in centralized exchanges.

We are talking about people who bought at 20k levels and still holding to make a profit finally be able to sell and take out profit, that is 3 year wait so they have all the right to sell if they want to get out and when they do that we are talking about hundreds of millions of dollars worth of money getting out of the market.

only a handful of people bought at $20k because it didn't last long enough for anybody to make a move. most of them bought between $8k to $12k which is why this range has been so active with a lot of older coins moving.
that is the nature of ATH which also is a bubble. regular people weren't really buying there, it was only day traders who also sold their coins right away and bought back and sold and bought back at least a thousand times ever since then.