As Turkey’s currency looks primed to weaken, Max Keiser - a prominent bitcoin bull and chief doomsayer against the global banking system - believes that Turkish residents will soon find a new safe haven within Bitcoin.
With the Turkish lira hitting a 7-month low earlier this month thanks to a re-run of mayoral elections, the situation in Turkey seems to be worsening, as a reaction turkey’s central bank enacted new monetary policy which led to fears of inflation.
TRY/USD Chart provided by Tradingview
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Volume in Turkey's crypto exchanges surges as Lira takes a hitThis, according to Keiser,
As Turkey’s currency looks primed to weaken, Max Keiser - a prominent bitcoin bull and chief doomsayer against the global banking system - believes that Turkish residents will soon find a new safe haven within Bitcoin.
With the Turkish lira hitting a 7-month low earlier this month thanks to a re-run of mayoral elections, the situation in Turkey seems to be worsening, as a reaction turkey’s central bank enacted new monetary policy which led to fears of inflation.
TRY/USD Chart provided by Tradingview
Read more
Volume in Turkey's crypto exchanges surges as Lira takes a hitThis, according to Keiser, all adds up to one thing: a renewed need for Bitcoin:
Interestingly, it seems as through Keiser might be right, the Lira is the 5th most traded National Currencies for Bitcoin, beating out the British pound by some distance:
This isn’t the first time Kesier has commented upon the coloration between a weakening economy and Bitcoin. In fact, in a recent interview with Chepicap, Keiser suggested that it was really only a matter of time before banks commit “mass suicide” and investors start flocking to safe haven assets such as gold and BTC:
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Crypto continues to grow in Turkey, trading volumes up over 30%“If I’m a wealthy person … I’m thinking, ‘all the fiat money world is blowing up, I have really only a couple of choices, gold, and Bitcoin,” said Keiser.
What do you think? Will The weakening of the Turkish Lira lead to further investment in Bitcoin? Or will Turkish residents simply flock to gold?
Let us know your thoughts in the comments!
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