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

[paxmao]

Tayyip seems to be following what could be classed as an "alt-policy" to what is considered by most as the standard recipe to fight inflation and to make an economy more solid. The problem is that he is just reinventing the wheel and he is probably well aware of it. There is no way that his current policy does not end in an inflationary crisis and possibly into open civil war. That is real cost of irresponsibility.

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[Findingnemo]

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.

USD is kind of better and stronger compared to all the fiat that is why I included USD who said save and hoard the fiat which is losing its value more. But investing on fiat is not an investment, its just the stupidity and no investor will ever do this.

When it comes to Gold, its already proven because it exists here for centuries so add that into your list as well and bitcoin which is highly volatile but until now it gave too much returns to the people who HODL it for years.

[Darker45]

I have long thought that Turkey is doing good or at least not really into a sort of an economic quicksand. Turkey's Erdogan looked quite promising at the start. And his ascent to power probably even brought with it a significant economic growth to the country. But then he sort of grew into a power-hungry and greedy dictator who loves a one-man rule. I guess it contributed much to Turkey's economic downfall. And then came the pandemic. And that must have served as the final nail in the coffin.

Erdogan is now delusional to tell the people to continue holding on to the Turkish Lira when inflation has already gone through the roof. It's natural for the people to look for alternatives. The problem is that almost all fiat currencies these days are suffering from the same inflation illness. Well, Bitcoin has indeed become an option.

[Poker Player]

Who should be blamed for “that”, President Erdogan?

Definitely Erdogan. This is a guy whose solution to inflation is to print more. Brilliant. I don't know how he hasn't been awarded the Nobel Prize in economics yet. The Turkish lira was the worst performing currency in 2021:

How Erdogan’s dictatorial economics is fuelling Turkey’s inflation, throwing lira off track.

He wants his citizens to use and save a junk currency that due to his policy is worth much less every day and the attitude of the citizens is to do the opposite. It is the logical thing to do and it has been happening this way for the whole history of mankind since the Romans started to devalue gold and silver coins by mixing them with other metals.

[TheNineClub]

It could be a fall back if a certain country's inflation goes through the roof. But what I am worried is people thinking that crypto is a fallback in case of a global recesion. Ifnthat happens then everything falls to a certain extent. So the bottom line is, when everything is ok, then crypto is ok, but if everything falls, be damn sure that it will take crypto with itself. Not saying crypto would wanish, just saying it wouldn't be the saviour we all hope for (and this is not FUD on my side, I am a firm proponent of crypto)

[avikz]

It could be a fall back if a certain country's inflation goes through the roof. But what I am worried is people thinking that crypto is a fallback in case of a global recesion. Ifnthat happens then everything falls to a certain extent. So the bottom line is, when everything is ok, then crypto is ok, but if everything falls, be damn sure that it will take crypto with itself. Not saying crypto would wanish, just saying it wouldn't be the saviour we all hope for (and this is not FUD on my side, I am a firm proponent of crypto)

Can't strongly disagree with you! As of now, we have seen a correlation between the global stock markets and crypto market. The crypto market follows the global stock market at every major events. So it is very uncertain to say that crypto can become a fallback in case the government controlled currencies fail.

But do we really have an alternative except gold?

[oHnK]

Maybe my way of thinking was wrong, but I couldn't blame President Erdogan because he was actually not only hostile to BTC but the more important thing now is USD. Fiat received throughout the country is USD, when inflation is so high he presses the speed of circulation of money by storing lira. That is the right policy. Inflation in the Fiat-based economic system will never be lost, so what is done is to control the speed of circulation. When the inflation is high and the community buys USD to be saved because of its more promising value, this is a suicide action if it is massive. So, this appeal is one of the steps that the government can do as management in the country.

[dothebeats]

I just can't understand why there are 'leaders' who direct their people towards doom. It's obvious that the Turkish Lira isn't up to par with other currencies as of the moment, and it's bad advice to let people hold their assets in the local currency especially if the government doesn't do anything to make things work.

If I were a Turkish holding some assets on my local currency, I'd be sure to look for other options and save my hard-earned money.

[ChiBitCTy]

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.

Yeah this is insane for a president to go out and say to their citizens.  This just shows you how unstable they are.  If my president came out and said that, I would buy as much bitcoin as humanely possible.  Obviously all that does is show you how weak their economy and fiat currency is and shows you that they expect more issues ahead.

I mean what would you think if your president came out and said something like this.  I would fear my country would be going down the route of Venezuela.  When I think of that, I just think of all the photos of paper notes just laying all over in the streets and in garage bens. 

[Peanutswar]

This is the reason why the fiat currency is one of the factors in the economy I guess they want to try to improve themselves first before getting promoted to the other which is a good thing but they will become a sleeping giant still need to handle transportation and transaction to another country, not all the things they are capable to handle only by themselves. We cannot forget the value of the bitcoin on it because there an impact on the currency if we are talking about bitcoin it self it's doesn't matter as 1:1 but if we are talking about the value want to exchange it matters so good to buy but it suffers the other holders.

[Kasabus]

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.

Yeah this is insane for a president to go out and say to their citizens.  This just shows you how unstable they are.  If my president came out and said that, I would buy as much bitcoin as humanely possible.  Obviously all that does is show you how weak their economy and fiat currency is and shows you that they expect more issues ahead.

I mean what would you think if your president came out and said something like this.  I would fear my country would be going down the route of Venezuela.  When I think of that, I just think of all the photos of paper notes just laying all over in the streets and in garage bens. 

This will cause panic in most of the citizens knowing that the country will eventually fall if they will stick to foreign currencies rather than their own currency. I just hope the president will be more transparent and open minded at least and will start to realize that bitcoin is the best solution to their problem. Or maybe just let the citizens do what they want to do and give them the freedom to use bitcoin because that will improve the individual's economy. If there is nothing good the government can do, then leave them to the citizens as they are more aware on how to make progress and bitcoin will certainly make it happen.

[cabron]

Finance System is just crumbling not just in Turkey though. We can see the FED also has announcements every now and then because they know it's coming. Covid causes this worldwide recession as it affects everything from people's health, production to supply chain 

It's also the reason why wealthy individuals are just buying gold, properties and probably today they are buying lots of goods to store because by the next few days the prices of those canned goods or gas will double.

[Wind_FURY]

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.

But the point is, no one in the government is truly taking care of your self-interest, or should be taking care of your self-interest except yourself. They’re making you poor because of currency debasement, what should you do? Buy the DIP and?

Who cares if your country accepts Bitcoin as legal tender or not. From our standpoint, it doesn’t need to be legal tender to be used by people as a currency.

[kryptqnick]

In my country, people use our local fiat for everyday life, of course, because it's usually the only currency accepted in shops and other places, but I don't know anyone who actually keeps savings in local fiat. Our inflation rate is at around 8%, and add to that the fact that every 7 years or so something very bad happens and the currency loses value by 2x or so. Cryptos are quite popular in my country because inflation isn't greatly managed, and those who are more traditional simply store savings in EUR or the USD. Given that lira is currently experiencing a 36% inflation rate, I think it's perfectly reasonable that people try to move to other currencies, and Erdogan saying otherwise won't stop them.

[jrrsparkles]

Every citizen is going to use their local Fiat as the medium of exchange because its not possible to use a gold or other Fiat in your country and also most people will keep some money as their savings but if someone keep all their money in the form of Fiat over any other asset actually they are losing its value everyday and its purely lack of responsibility from the government.

[wxa7115]

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.

That is basically what they want, governments want to steal the purchasing power of your money while at the same time you do nothing to defend yourself, this is the equivalent of someone point a knife at you and somehow being unable to use your right to self-defense.

And as you may guess it does not matter how powerful they believe they are this is never going to work, then when the currency the government has been printing like crazy devalues they blame people for not being patriot enough to lose everything they have worked during their lives and accept the government to take it away.

Ridiculous I know, but that is what those politicians actually think.

[freedomgo]

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.

That is basically what they want, governments want to steal the purchasing power of your money while at the same time you do nothing to defend yourself, this is the equivalent of someone point a knife at you and somehow being unable to use your right to self-defense.

And as you may guess it does not matter how powerful they believe they are this is never going to work, then when the currency the government has been printing like crazy devalues they blame people for not being patriot enough to lose everything they have worked during their lives and accept the government to take it away.

Ridiculous I know, but that is what those politicians actually think.

You already know how selfish they are when it comes to that. While the citizens are sinking into poverty, the government officials are even making progress in their own personal lives. I actually think there's no wrong investing or saving from bitcoin because that will actually generate profits in the future. The problem is within the close mindset of the president as he is trying to manipulate his citizens not to use bitcoin or other foreign currencies. Before we knew it, they are already secretly involved in it and are already making profits. That's the worst scenario i guess.

[Kyraishi]

Lol, if the Turkish lira is ousted as the national currency I think everyone would rejoice.

The fact is that there are a lot of countries that are currently operating a hybrid/foreign currency based monetary system, e.g. a lot of African countries have adopted USD as their sovereign currency as opposed to issuing their own.

That's actually quite smart given the fact that their own financial management system is just too incompetent.

[Reid]

We can't blame the president on that. He cannot tell his people to "Buy USD or Bitcoin, you are safe there." That's like admitting to be a traitor of your own country. He still need to save what is left even if the value of it is depreciating. Being patriotic first before looking for an alternative.
Bitcoin as a reserve, yes that will help but he need to find a way to solve the issue in front of him first before jumping to another. I don't know the deep issue about their financial system but is it because there is no usage of their own currency (people saving too much money) or is it just because of the high interest rates that caused the inflation?

[Wind_FURY]

In my country, people use our local fiat for everyday life, of course, because it's usually the only currency accepted in shops and other places, but I don't know anyone who actually keeps savings in local fiat. Our inflation rate is at around 8%, and add to that the fact that every 7 years or so something very bad happens and the currency loses value by 2x or so.

It’s not on what the current level of inflation is, it’s simply HODL Bitcoin because you can’t trust the cabal that runs the whole economic-financial-industrial complex. We plebs are plebs because they are rigging the system against you, making you poor, your descendants poor. HODLing Bitcoin is the cure.

Cryptos are quite popular in my country because inflation isn't greatly managed, and those who are more traditional simply store savings in EUR or the USD. Given that lira is currently experiencing a 36% inflation rate, I think it's perfectly reasonable that people try to move to other currencies, and Erdogan saying otherwise won't stop them.

Merely converting from a cabal, to another cabal.