If the government loses control of the financial system, we have a fall back

[Wind_FURY]

President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months.

"I want all my citizens to keep their savings in our own money, to run all their business with our own money, and I recommend this," Erdogan said in a speech in Istanbul.

"Let's not forget this: as long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish Lira, our money, that is what we will go forward with. Not with this foreign currency, that foreign currency."

https://www.reuters.com/world/middle-east/erdogan-calls-turks-keep-all-savings-lira-2021-12-31/

Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.

Bitcoin is the back up/fall back that we need.

[Charles-Tim]

What I have just known is that the world is not perfect. Like someone saying bitcoin has no value and many other wrong opinions about certain things. If I am the president of a country, I will support the fiat we are using even if their is inflation. Just that people have to know the right way, that fiat will always devalue and never appreciate over long term but depreciate.

Bitcoin is the back up/fall back that we need.

Comparing bitcoin and fiat, you are right. Bitcoin can be an hedge against fiat's depreciating value. With limited supply, decentralized design and wealth distribution in the world, only few people are still holding bitcoin, there will be more adoption and these will definitely help.

[Upgrade00]

This is a clear example of how governments try to control the people by controlling the money, and the threat of having an alternative asset that the people can fall back to is one of their major concerns, reason why a lot of countries are banning their banks from being part of the network.

Bitcoin is the back up/fall back that we need.

It is, but we do not necessarily need to use it as only a back up, it can function way more than that.

[jackg]

Countries will end up in a worse position though if they don't use their own currency (and switch to another country's fiat).

Bitcoin and most cryptocurrencies lack the throughput to allow mass adoption as a currency so far imo.

[BernyJB]

Well, I guess it depends on the user and the government.
For example, in my case, cryptocurrencies allow me to escape my country's financial abuses, and trade internationally.

One example:

The international price for USD/ARS is, as of now, about 103 ARS to 1 USD.
Argentina's central bank (the BCRA) lists a price close to 109 (almost a 6% markup).
But trading foreign currencies is strictly forbidden in Argentina, so USD are just non-existent at that price.
Enter the black market dollar, or dollar "blue", which is, as of now, listed at $206, or 100% over the international price.

That means that I can buy USDT with ARS at the international price, and have an instant 100% profit by selling them at the "blue" price. I couldn't possibly do that without crypto.

[Zilon]

We wouldn't blame the Turkish government that much every nation is so concerned about their nations economy in regards to other foreign currency . Likewise Every government wants to know how much is in circulation and who owns what amount in other words the want to have total control of their citizens funds. But there is an alternative in cryptocurrency if the fiat system eventually fails and this is what most investors are looking up to in the near future

[fiulpro]

The financial system is certainly very tricky thing, if the government wants to force the citizens to hold their assets in their own currency then we can already be aware that they are not really doing great, for them to even make a statement of that kind makes the whole situation look stupid and takes it out in the open as well. I do think that controlling their citizen's own money is the reason they might have to rush to cryptocurrencies like *Bitcoins*, what if their currency collapses and their value declines drastically and during the wake of pandemic they are not able to cope up with the stress, then what ?

[Leviathan.007]

It was expected to see such a thing happening since bitcoin is created to provide us borderless transactions and economic freedom that's totally against what a government wants because usually whenever a government is in trouble they will try to make limitation on bank banks in international transactions to don't let people be able to extract their money from country to another country that's possible in fiat and traditional systems but suing bitcoin people can transfer any amount of money to any country they want, regarding Turks their government totally failed because they tried to take control over it in the first place but now as you can see they have no option but accepting the lose to bitcoin.

[hatshepsut93]

Bitcoin is the back up/fall back that we need.

Bitcoin experiences way bigger swings than Lira had, so it's not yet suitable to be an alternative to fiat for broad population. Even if you consider that fiat is devaluating in long term and Bitcoin is appreciating in long term, long term is not everything. Lots of people live from paycheck to paycheck, and for them both Bitcoin's volatility or price instability of fiat can be devastating. Imagine having a serious medical emergency while your savings just dropped in value by 50% a week ago.

[batang_bitcoin]

I have just watched some relatively short videos about their economy and I know what he's pointing about "that foreign currency". I guess when bitcoin gets a more stable move countries like Turkey will eventually recommend it to their people. But due to the volatility, only a few countries are recommending it to their people and not as a currency but as an investment. Hopefully that Turkey won't go the same as Venezuela where they're just throwing their money on the streets due to hyper inflation.

[pinggoki]

Countries will end up in a worse position though if they don't use their own currency (and switch to another country's fiat).

Bitcoin and most cryptocurrencies lack the throughput to allow mass adoption as a currency so far imo.

Exactly, and it's unlikely that a country would lose it's control over their banking system because that's basically the lifeblood of the nation and if you compare it to human body, you would find ways to stop the bleeding, maybe people who uses crypto will have something to fall back in but I don't think that it will be enough.

[Wind_FURY]

What I have just known is that the world is not perfect. Like someone saying bitcoin has no value and many other wrong opinions about certain things. If I am the president of a country, I will support the fiat we are using even if their is inflation. Just that people have to know the right way, that fiat will always devalue and never appreciate over long term but depreciate.

There’s nothing wrong in asking your people to help save the current financial system by not removing all trust in the State’s legal tender. BUT can we truly trust those people not scamming their own people? If you have a feasible fall back/back up available, HODL that.

[Findingnemo]

President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months.

"I want all my citizens to keep their savings in our own money, to run all their business with our own money, and I recommend this," Erdogan said in a speech in Istanbul.

"Let's not forget this: as long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish Lira, our money, that is what we will go forward with. Not with this foreign currency, that foreign currency."

https://www.reuters.com/world/middle-east/erdogan-calls-turks-keep-all-savings-lira-2021-12-31/

Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.

Bitcoin is the back up/fall back that we need.

Meanwhile their central bank is printing money and liquidating them into the economy. Some leaders provoke the people with such kind of patriotic statements and many will fall for them but people who understand all these things will save their money in some other form which can be USD or Gold or bitcoin but never going to be in the fiat format.

[Charles-Tim]

There’s nothing wrong in asking your people to help save the current financial system by not removing all trust in the State’s legal tender. BUT can we truly trust those people not scamming their own people? If you have a feasible fall back/back up available, HODL that.

When the world is full of lies and people are only on the side that favours them, why would they trust anyone. That is why education and seeking more knowledge is encouraging so we can do the best we should. The last thing I can never do is to hold my country's fiat, this is foolishness when there are other alternatives like holding bitcoin which is not depreciating like fiat.

people who understand all these things will save their money in some other form which can be USD or Gold or bitcoin but never going to be in the fiat format.

Why not bitcoin instead? USD is also fiat and any coin pegged with it are also depreciative as the USD is centrally controlled by the United States government. And in long term, USD price purchasing power reduce. Gold is better but it has been noticed that gold is appreciating in value not that in adoption in relation to continuous supply, but in fiat devaluation.

[davis196]

Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.

The Turkish government/central bank doesn't deliberately inflate or deflate the Turkish lira.
They were trying to stabilize the lira,but they are using the wrong approach.Lowering down the interest rates and pushing more money into the economy and finance sector will always backfire.
The confusing behavior of the central bank and the government also made more people to lose fate in them and to sell their lira for other currencies and financial assets.
This is not how you build trust in a country's national currency.This is the exact opposite.
Perhaps Erdogan have lost his mind and/or he's too old to govern the country.I hope that the situation will normalize soon.

[AicecreaME]

It's really not advisable to just depend on what the government can offer the citizens because oftentimes, the government is the one who keeps on disappointing and making irresponsible and bad decisions on the behalf of their constituents. Hence, relying on them and trusting them big time is not a good idea. There are even times that the government abandons the whole country just for their own sake. That's why I suggest working smart and having a backup plan just in case things go wrong and the government can do nothing about it, then you have less to worry about.

With this being said, having to invest in bitcoin and crypto, in general, is a good thing because, in case of an economic decline, we'll have our funds slightly unaffected by the sudden transition and change. We can easily bounce back and move forward with the help of our safe haven if ever something bad happens. Not totally the same scenario, but almost, which is happening today that we are still in the middle of a pandemic. When the government seemed helpless as well due to the chains of problems arising and having little funds to sustain the needs of the citizens, we, who have crypto managed to survive little by little.

I just hope that this won't happen anytime soon because of course, not all of us have the same privilege. There are also people who are unaware of crypto and they would surely be helpless if ever this happens, which I really hope won't occur.

[dezoel]

It was expected to see such a thing happening since bitcoin is created to provide us borderless transactions and economic freedom that's totally against what a government wants because usually whenever a government is in trouble they will try to make limitation on bank banks in international transactions to don't let people be able to extract their money from country to another country that's possible in fiat and traditional systems but suing bitcoin people can transfer any amount of money to any country they want, regarding Turks their government totally failed because they tried to take control over it in the first place but now as you can see they have no option but accepting the lose to bitcoin.

This is exactly what I had recently. My wife's aunt is a very rich person, she even went to the most expensive hospital in all of our nation when she got sick last summer and I saw the difference there, when you imagine a wealthy and expensive hospital, this was even better than that.

Recently she decided to look for other methods of "hiding" her money, not that it was an illegally made money, it was literally just money she collected from rents she is a landlord, but she doesn't like government having control over it, at least ours. So, she is holding it in Portugal right now, in a bank again, but she trust there more than she trusts here but she pays so much. I told her, she could simply get BUSD and put it on Binance, free of charge, hell may get some staking out of it as well if I am not wrong. Of course she didn't get it, she is 80 years old, but the fact that it is literally "there", proves that so many things crypto helps people, like even things I didn't even know.

[Gozie51]

Countries will end up in a worse position though if they don't use their own currency (and switch to another country's fiat).

Every country wants to be independent of another country despite how small it is this is why countries are breaking up to form there own independence and currency identification is a very important factor for every country, this is a challenge for bitcoin to unifying all financial system.

Bitcoin and most cryptocurrencies lack the throughput to allow mass adoption as a currency so far imo.

Mass adoption for bitcoin is still a huge challenge because there are blocs of continent and countries that are not looking positive for acceptance of bitcoin like El Salvador.

[Fortify]

President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months.

"I want all my citizens to keep their savings in our own money, to run all their business with our own money, and I recommend this," Erdogan said in a speech in Istanbul.

"Let's not forget this: as long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish Lira, our money, that is what we will go forward with. Not with this foreign currency, that foreign currency."

Who should be blamed for “that”, President Erdogan? You want everyone to hold the Turkish Lira, while your cabal inflate and deflate the currency according to your “mood”.

Bitcoin is the back up/fall back that we need.

I'm not sure what your point is exactly? The Turkish currency would have self corrected if the central bank had been left independently and sensibly followed past evidence which showed that rising interest rates can help to tame inflation. Instead, this religious nutjob who will forever be paranoid since people who wanted to defend a secular nation unfortunately failed at their chance to overthrow him, has and continues to inflict severe damage on the Turkish economy. He has wasted countless foreign reserves trying to prop up the currency which collapsed due to his own ignorance and narrow sighted belief. Unfortunately it looks like Turkey will continue getting poorer while this guy stays in charge, but the correlation with cryptocurrency is pretty weak.

[GeorgeJohn]

Countries will end up in a worse position though if they don't use their own currency (and switch to another country's fiat).

Bitcoin and most cryptocurrencies lack the throughput to allow mass adoption as a currency so far imo.

In addition no country that will like to adopt a strange currency fully, because the development of a country started with it's value of currency, from my perspective bitcoin adoption of countries doesn't deprived them not to value their own currency, no country can purposely Abandoned it's Fiat currency and adopt a currency that is not really or fully in line with it's currency, except the country want to adventure into hardship and also experience lack of infrastructure that will enable them to undergoes a tangible project for better development of their country.