For many reasons did Bitcoin become Turkey hope, people start investing in cryptocurrency. Many investors view Bitcoin as a way to beat inflation. They invest in it. They would all agree that cryptocurrencies, particularly hedge Bitcoin, are good against inflation. BTC can use to help overcome inflation when legal currencies fall and inflation rises.
In Progress: Currency crisis
Turkey’s currency crisis has had a devastating effect on its economy. The central bank reduced borrowing costs and the exchange rate to the US dollar for the third consecutive month after the Turkish lira fell to a record low. According to the Wall Street Journal, the bank currently has a “one percent prime rate.”
This has led to speculations about price stability. The lira’s drop of 6% to 11.3118 against US dollars is one of the largest declines over the past eight months.
Officials at the bank were forced to reduce their policy rate under President Recep Tayyip Erdan’s pressure. The bank had reduced its policy rate by 100 basis point to 15% at the time of this news. The president’s vision was not impeded despite the 20% inflation rate. Erdogan pledged to fight interest rates “until death do us part.” Erdogan also asked companies to invest in and recruit.
For this, the working class of the country has been severely criticized. One market stall owner stated:
"As a nation, we shouldn’t be treated as such. People are struggling to afford food as inflation has risen to almost 50%. The prices of food in the United States, however, have risen by about 6%.
Others are also expressing their pain. These developments are a sign of hope.
Did Bitcoin Become Turkey Hope
There are more institutional Bitcoin open investors than retail investors in the world. This is why you should consider Bitcoin as a hedge against rising prices and inflation. MicroStrategy CEO Michael Saylor acknowledged these concerns in a tweet
Bitcoin is the future of money. The currency has been declining by a third since March and has declined for nine years. The collapse will slow by switching from TRY to USD, but the adoption of BTC can reverse the damage and help revive the economy.
Saylor expressed optimism in the past that countries with currency crises, did Bitcoin become a turkey hope, would adopt larger tokens. According to Saylor, acquiring Bitcoin will allow locals to “live in a crisis zone and lead a decent lifestyle.”
It also reports that countries like Costa Rica and Argentina are considering this option. There is plenty of real estates available in the area. Rodrigo SanchezRios, president of La Haus prop technology company, stated that the company will accept payments to rent or buy houses.
“Bitcoin could solve a real problem within the region: inflation, people ignore or unbanking. The percentage is high …”