Fall of fiat|Rise of Bitcoin

[Davidvictorson]

Lira is the fiat currency of Turkey which is facing a sharp decline in it's value. The rise of inflation in Turkey has dumped the value of Lira.
With an inflation rate of about 20% - 25% the price of Lira has declined about 45% this year with a peak dump of about 20% in a week and 15% in a day.
Those numbers are high enough and causing a panic in the market. The media also say that it might be at the edge of hyperinflation in Turkey.

This has caused a rise in the price of bitcoin in Turkey. People are opting to use bitcoin when the fiat currency is falling sharply.
The inflation has influenced so much that the president of Turkey Recep Tayyip Erdoğan has announced a crypto law that will soon be shared with the Parliament.
This means crypto will soon be legalized in Turkey. I think it's a good decision and will help Turkey fight inflation well.

Sources:
Turkey’s crypto law is ready for parliament, President Erdoğan confirms
Turkey’s Inflation Is An Example Of Why We Need Bitcoin

Living with unstable currency must be so difficult, I feel so bad for these young people who can’t enjoy their lives and just have to work. There is only a ban for the use to buy or sell things with crypto currencies. You can still choose to sell your belongings with crypto but in private. So many people are in crypto in TURKEY. Turkish Lira falls down every second even if you invest in some coin and loose it in value you still profit from it mostly because you are not sitting on Turkish Lira. Most people in Turkey have to invest in something to not lose value on their money. So its not a choice its a must

[aysg76]

Lira is the fiat currency of Turkey which is facing a sharp decline in it's value. The rise of inflation in Turkey has dumped the value of Lira.
With an inflation rate of about 20% - 25% the price of Lira has declined about 45% this year with a peak dump of about 20% in a week and 15% in a day.
Those numbers are high enough and causing a panic in the market. The media also say that it might be at the edge of hyperinflation in Turkey.

This has caused a rise in the price of bitcoin in Turkey. People are opting to use bitcoin when the fiat currency is falling sharply.
The inflation has influenced so much that the president of Turkey Recep Tayyip Erdoğan has announced a crypto law that will soon be shared with the Parliament.
This means crypto will soon be legalized in Turkey. I think it's a good decision and will help Turkey fight inflation well.

You could take any currency in the world and you would see they have lost the purchasing power a lot and the government doesn't want you to do debate on such topics.Most of the countries like USA and Britain have similar situations even if they are first class countries but the conditions are somewhat similar to inflation because they have printed so much notes making it worth less in the current times.The main problem is hyperinflation have been witnessed in some poor countries like Venezuela where they have million dollar notes also which could not buy you a even toilet paper also so what's the fun of this type of Fiat?

You have said about Turkish lava and the condition for them is the same or say they are leading to the even worse conditions.

The lira tumbled to as low as 13.45 to the dollar, plumbing record troughs for an 11th straight session. It has lost 45% of its value this year, including a near 26% decline since the beginning of last week.

See how it has reduced in value over 45% only this year and 26% this week only which Clearly indicates the high rate of inflation in the country and to my surprise the inflation rate is around 20% in Turkey which is far more than many other countries.

The lira has been by far the worst performer globally this year due mostly to what some analysts have called a premature economic "experiment" by the president who has ruled Turkey for nearly two decades.

According to reports it is worst performing currency this year on global levels and the thing's are not going to improve soon for them as well and bitcoin could help them to pave out some way out of this inflation ocean but still wonder whether they will go for it or not.

[buwaytress]

Real fiat has got slowdown due to more financial destruction happening around the globe. In recent days covid-19 had made a big blow in the economic progress. By the time bitcoin showed its highest growth through its unique technology that is against the traditional fiat inflation. For the same we can't term bitcoin to take over the place of fiat. One country have made it a legal tender whereas majority have made it an investment asset. So, bitcoin to be a legal tender around the world won't happen in the short.

It's not really just fiat, it's been the entire global financial and economic system(s). And yes, Covid's just brought it all out into the ugly open but these problems have been festering for decades, with each major financial crisis only serving to remind us all of what's rotting underneath all the mountains of band aids.

I mean, I remember the pandemic-induced lockdown. One month, 2 months after that, giant multinats closing down and going bankrupt? Or laying off thousands at a time? What kind of system are we running in where you must constantly feed the machine of consumerism just to stay afloat?

Fiat's problems have been long in the making. But it'll be long before states kick the habit. Meanwhile, my faith is in Bitcoin to be unwavering.

[davis196]

The Turkish lira is going down due to the stupid monetary policy of the Turkish central bank(which is heavily influenced by Erdogan).The Turkish central bank keeps lowering the interest rates,while the right move to fight inflation and currency devaluation is the exact opposite-increasing the interest rates.
Erdogan is totally incompetent when it comes to monetary policy and he is kinda delusional and paranoid.
He keeps blaming some "foreign financial speculators" about the high inflation in Turkey.
Bitcoin has nothing to do with this and Bitcoin/crypto will NEVER be adopted in a country like Turkey.

[sunsilk]

I've watched a short time documentary on what's the current situation there in Turkey. The person being interviewed said, it's the worst time to be a young-working person in the country.

The inflation started I guess during the time of Trump when he has warned Erdogan about an American pastor to release him, that's what I can remember or Turkey will face the consequence.

Well, the US is really capable of doing this and many establishments have pulled out their market in Turkey. Plus, the economic effect of covid pandemic, they really hit them hard.

But about them adopting bitcoin. It's still unknown.

[pooya87]

I've watched a short time documentary on what's the current situation there in Turkey. The person being interviewed said, it's the worst time to be a young-working person in the country.

I'm not saying things are good in Turkey but if you go to literary any country you will find a lot of young people who are saying the same exact thing.

The inflation started I guess during the time of Trump when he has warned Erdogan about an American pastor to release him, that's what I can remember or Turkey will face the consequence.

The inflation started when fiat was invented without a cap. Each time they print a shitton of it, the value tanks. That's a universal law of economy! Besides big establishments have been bleeding money all over the world ever since Covid19 began. It is not a Turkey specific thing. For example I read somewhere back in 2020 that a company as big as Amazon was losing billions of dollars every week due to pandemic.

[AmoreJaz]

The Turkish lira is going down due to the stupid monetary policy of the Turkish central bank(which is heavily influenced by Erdogan).The Turkish central bank keeps lowering the interest rates,while the right move to fight inflation and currency devaluation is the exact opposite-increasing the interest rates.
Erdogan is totally incompetent when it comes to monetary policy and he is kinda delusional and paranoid.
He keeps blaming some "foreign financial speculators" about the high inflation in Turkey.
Bitcoin has nothing to do with this and Bitcoin/crypto will NEVER be adopted in a country like Turkey.

i really don't think they will. some of their constituents may go to crypto, but the government itself? they will stick to their fiat. they have the full control with fiat. they may blame the "outsiders" but they know their real problem here. maybe they need a new president to tackle their actual problem. erdogan has been long enough on his seat already, maybe they need a new blood in power.

[panukurap]

It seems that news about Turkey adopting Bitcoin or legalizing Bitcoin like El Salvador is untrue or fake news. In fact, the law that will be processed immediately relates to the prohibition of crypto. The source of the news that you get is already known to be a lot of hoaxes in the news, therefore filtering the news before sharing it with other people is important. Is the news really valid or is it just a talk with unclear origins which means a hoax. There are so many media now that take advantage of the situation, especially with things that are currently booming.

[sunsilk]

I've watched a short time documentary on what's the current situation there in Turkey. The person being interviewed said, it's the worst time to be a young-working person in the country.

I'm not saying things are good in Turkey but if you go to literary any country you will find a lot of young people who are saying the same exact thing.

Yeah, that's actually a good point. But that's based on the interview that I've watched and it's due to the lower minimum wage that they have and that's why their solution just like anybody else from other countries is to work abroad.

The inflation started I guess during the time of Trump when he has warned Erdogan about an American pastor to release him, that's what I can remember or Turkey will face the consequence.

The inflation started when fiat was invented without a cap. Each time they print a shitton of it, the value tanks. That's a universal law of economy! Besides big establishments have been bleeding money all over the world ever since Covid19 began. It is not a Turkey specific thing. For example I read somewhere back in 2020 that a company as big as Amazon was losing billions of dollars every week due to pandemic.

Based also from what I've watched, there have been a lot of Chinese that went to Turkey just to buy those luxury things like LVs because the entire value has dropped. And that's the reason why some of those countries have pulled out their business there. Another country that has been said going a really bad economic situation is Lebanon.

[Ultegra134]

The Turkish Lira has been losing in value the past few 2-3 years, (the crisis is ongoing since 2018, if I'm not mistaken) but the condition has worsened the past few months, due to Covid-19 and the rising inflation. However, I don't recall Turkey being cryptocurrency-friendly in general. So, Turkey definitely isn't even close to adopting Bitcoin, and is probably rumors.

[Yamifoud]

The Turkish Lira has been losing in value the past few 2-3 years, (the crisis is ongoing since 2018, if I'm not mistaken) but the condition has worsened the past few months, due to Covid-19 and the rising inflation. However, I don't recall Turkey being cryptocurrency-friendly in general. So, Turkey definitely isn't even close to adopting Bitcoin, and is probably rumors.

2-3 years in decline is a worse condition. We also have such inflation due to covid -19 that it continuously affect our economic system but I can't really imagine having that long for not going to recover. We can't blame it on crypto as this country never accepts or embrace this new technology in the first place.

This is all about how the government official looks for the solution. It probably they are not yet done but their action is too slow that it takes several years to resolve the problem and I'm afraid that it even get worsen in the coming years.

[yazher]

Cointelegraph is garbage, don't use it as your source for news. Here's a better report. Turkey is not adopting Bitcoin like El Salvador did, it's not even close. They actually already banned its use as a currency, and the upcoming law just increases regulations to prevent exit scams by large exchanges like the one that happened recently, at least according to the lawmakers.

Also, your stupid Cointelegraph said that Turkish Lira has dropped in value recently, but in fact it made a huge comeback as it went from $0.06 to $0.094

You can't really trust those people when giving some news, they are always one-sided and obviously, they just wanted to promote cryptocurrencies so bad. I mean, there's nothing wrong in promoting it, in fact, we want to hear some good news about it every day but with this kind of strategy, they're making it worse by throwing their rating below just to promote their site. Thankfully we have multiple sources right now to distinguish whether the others are saying the truth or just merely constructing their words to justify their claims.

[peter0425]

The Turkish Lira has been losing in value the past few 2-3 years, (the crisis is ongoing since 2018, if I'm not mistaken) but the condition has worsened the past few months, due to Covid-19 and the rising inflation. However, I don't recall Turkey being cryptocurrency-friendly in general. So, Turkey definitely isn't even close to adopting Bitcoin, and is probably rumors.

There are countries that in desperation will run towards crypto adoptions , though it is hard to straight things up as Adoption at least they will consider the value and help that crypto might give to their drowning countries.
Look at Venezuela or even EL Salvador that tries to Make it to crypto as their economy badly needed technology and upgrading, as they find crypto to be a big influence and help so it happens now.
this is not far from Turkey's government that in the near future if not happen tomorrow that they will find place for crypto in their Living.

[ipanks]

The Turkish Lira has been losing in value the past few 2-3 years, (the crisis is ongoing since 2018, if I'm not mistaken) but the condition has worsened the past few months, due to Covid-19 and the rising inflation. However, I don't recall Turkey being cryptocurrency-friendly in general. So, Turkey definitely isn't even close to adopting Bitcoin, and is probably rumors.

2-3 years in decline is a worse condition. We also have such inflation due to covid -19 that it continuously affect our economic system but I can't really imagine having that long for not going to recover. We can't blame it on crypto as this country never accepts or embrace this new technology in the first place.

This is all about how the government official looks for the solution. It probably they are not yet done but their action is too slow that it takes several years to resolve the problem and I'm afraid that it even get worsen in the coming years.

After the last ATH in 2017-2018, the crypto dropped significantly and the situation became worse by the coming of Covid-19. And that happened in almost all countries. The price can start this year and gives us a new hope to survive so I think those people who are involved in crypto will not mind if they need to wait for 2-3 years in decline because this year, their profit was big enough to cover their needs for the next years. We need to believe and optimist that bitcoin will increase more than the price now and still hold the bitcoin and only sell if the price is at the top price.

[LUCKMCFLY]

The Turkish Lira has been losing in value the past few 2-3 years, (the crisis is ongoing since 2018, if I'm not mistaken) but the condition has worsened the past few months, due to Covid-19 and the rising inflation. However, I don't recall Turkey being cryptocurrency-friendly in general. So, Turkey definitely isn't even close to adopting Bitcoin, and is probably rumors.

2-3 years in decline is a worse condition. We also have such inflation due to covid -19 that it continuously affect our economic system but I can't really imagine having that long for not going to recover. We can't blame it on crypto as this country never accepts or embrace this new technology in the first place.

This is all about how the government official looks for the solution. It probably they are not yet done but their action is too slow that it takes several years to resolve the problem and I'm afraid that it even get worsen in the coming years.

After the last ATH in 2017-2018, the crypto dropped significantly and the situation became worse by the coming of Covid-19. And that happened in almost all countries. The price can start this year and gives us a new hope to survive so I think those people who are involved in crypto will not mind if they need to wait for 2-3 years in decline because this year, their profit was big enough to cover their needs for the next years. We need to believe and optimist that bitcoin will increase more than the price now and still hold the bitcoin and only sell if the price is at the top price.

You are quite right in what you say, normally the BTC accumulation stage usually lasts between 3-4 years for BTC to fulfill it, this was already expected by 2021 that it could grow (this is my personal analysis, applying Wyckoff's theory) but However, we have a new fundamental that we did not have in 2017-2018, which is covid-19, which has changed everything, because everything that is happening in the market is relatively new, and we do not know a behavior in the face of these events. For me, all this is still new, there is no pattern to guide me by, so the best thing for those who have BTC is to make Hodl more than ever.

[fiulpro]

For the time being I do not think that Bitcoins can drastically change the situation of certain people. It cannot change the whole nation's economic situation for sure. What's important is : Acceptance from other people and companies as well.

But it's definitely become more and more important in every way possible. There are more people relying on it and the companies holding bitcoins. The government is also gaining a lot from bitcoins and other cryptocurrencies since they are helping small business to expand internationally, take the example of Online Gambling Companies, they undoubtedly are generating huge taxes and revenues for the government bodies. Therefore it's becoming more important, the efficiency is increasing and more people are getting around.

When er talk about Turkey, they do need stronger measures to make their economy stable, they have to expand their businesses as well, making bitcoins a part of it can help them in numerous ways. Cryptocurrencies are definitely going to be a part of the future so this might be a safe bet for their falling economy.

[noormcs5]

Well in the world of bitcoin the only fiat which is matters is Dollars. Nowadays the price of bitcoin is increasing because the value of dollars also increasing. Bitcoin has nothing to do with another fiat. Even the value of the lira goes down it still does not affect the price of bitcoins. There are many fiats living in this world and bitcoin never care about them.

Yes, bitcoin and dollar are inversely proportional to each other. If one goes down, the other one goes up.

The Turkish Lira has been losing in value the past few 2-3 years, (the crisis is ongoing since 2018, if I'm not mistaken) but the condition has worsened the past few months, due to Covid-19 and the rising inflation. However, I don't recall Turkey being cryptocurrency-friendly in general. So, Turkey definitely isn't even close to adopting Bitcoin, and is probably rumors.

If their own currency keeps on falling, the government may think in terms of adopting bitcoin. We never know what will be the new stance of turkey on cryptocurrencies. Past policies changes with time.

[Slow death]

Well in the world of bitcoin the only fiat which is matters is Dollars. Nowadays the price of bitcoin is increasing because the value of dollars also increasing. Bitcoin has nothing to do with another fiat. Even the value of the lira goes down it still does not affect the price of bitcoins. There are many fiats living in this world and bitcoin never care about them.

as already said the news source is not a reliable source and turkey is not going to accept bitcoin on the contrary there is a better chance of them banning bitcoin so this discussion is meaningless as turkey is not friendly when it comes to bitcoin. it seems that our news channels still need to grow and be more professional

[GeorgeJohn]

I'm responding to these through the punchlines of it's topics sentence, really fiat currency downgraded since the existence of bitcoin and equally the massive adoption of bitcoin is really influencing fiat, but looking at it from another dimension, it's not every country fiat currency getting valueless, because everyone is not from the same country, because someone who from far away country can equally come and state another different for fiat domination over bitcoin.

I hope we all aware that bitcoin is not in competition with fiat currency, so from my perspective slowdown of fiat currency doesn't have anything contrarily to do with bitcoin, Bitcoin is independent and it can't be use to run a comparison with fiat.

[Vaculin]

I'm responding to these through the punchlines of it's topics sentence, really fiat currency downgraded since the existence of bitcoin and equally the massive adoption of bitcoin is really influencing fiat, but looking at it from another dimension, it's not every country fiat currency getting valueless, because everyone is not from the same country, because someone who from far away country can equally come and state another different for fiat domination over bitcoin.

I hope we all aware that bitcoin is not in competition with fiat currency, so from my perspective slowdown of fiat currency doesn't have anything contrarily to do with bitcoin, Bitcoin is independent and it can't be use to run a comparison with fiat.

From the start, we all know that bitcoin is not here to replace the fiat, but rather to serve an option for it. But if most of the people will be convince to use bitcoin, i think fiat will not fall easily because its always backed by the government. It will always be here as long as there is government. Bitcoin will eventually rise in price because of its fast massive adoption.