• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DCG And Genesis Close Initial Agreement With Creditors
Bitcoin
Advertisement

Turkish Lira Crashes: Bitcoin Freedom Vs. Fiat Currency Monopoly

Julia Arvelaiz by Julia Arvelaiz
1 year ago
in Bitcoin
0
Advertisement

Bitcoin looks like an attractive store of value as Turkey’s economy sees a huge downfall. The Turkish lira crashed 8% on Friday –55% in the year– with a new all-time low of 17.0705 to the dollar. The central bank has taken a smothering easing policy approach to address the “unhealthy” prices that keep soaring in the country. Their direct intervention slashing interest rates triggered the lira’s new low.

Reportedly, The head of the Istanbul Chamber of Industry, Erdal Bahcivan, as well as many economists, are “astonished” by the reckless central bank slashing its key rate by 100 basis points to 14%, pushing through 500 basis points of cuts since September.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

“We are astonished to watch the central bank releasing its precious foreign exchange resources to the market today after it cut rates yesterday,” tweeted Erdal Bahcivan.

Inflation soared above 21% and is expected to reach 30% in 2022. The lira has dived below half of its value this year and the Turkish people are seeing their savings and wages fall into a death spiral. The currency is believed to be “beyond the point of no return”, said Patrick Curran at Tellimer.

This is the bank’s fifth direct intervention in the market this month. Its criticized policies follow President Recep Tayyip Erdogan’s pressure, who believes lowering rates will grow the Turkish economy, even though economists have urged the government to raise them. –Heads of government are not usually in charge of monetary policies.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Companies are worried about the negative impact. Rifat Hisarciklioglu, head of Turkey’s Union of Chambers and Commodity Exchanges, calls for “urgent measures”.

Consumer’s eyes are on the possibilities that Bitcoin and decentralization have to offer when the economy is at the neck of the government’s chokehold and mismanagement.

Earlier in the year, Turkey banned all cryptocurrency payments (investments are still legal), more unorthodox plans and policies.

As their own lira free falls, the bank cited the cryptocurrency market’s volatility as one of the reasons for the ban. What banks don’t say publicly is that Bitcoin can become a headache for concealing their –harmful– monetary policies, it opposes control.

Related Reading | President Of Turkey Announces War Against Cryptocurrencies

Bitcoin has lost about 23% of its value over the month as the markets face fear from the economic impact of the Covid’s new variant and the U.S Federal Reserve’s (FED) tapering of bond purchases, but part of BTC’s attractiveness is that it has always bounced back, and many fiat currencies like the Lira won’t.

Bitcoin is a much better store of value, a shield almost, and opposed centralized models set to fail the people.

Time To Choose Bitcoin?

Turkish citizens have shown a large adoption of Bitcoin with one of the highest exposures to cryptocurrencies in the world during 2020. They continue to turn to BTC as a way to face the crisis and protect from the reckless government.

Bitcoin
Bitcoin trading at ₺756,614.21 in the daily chart | Source: BTCTRY on TradingView.com

A homogenous speech is shown worldwide from central banks banning cryptocurrency activities or flirting with a ban, but we keep seeing crypto adoption raise over FUD as several banks’ measures hurt consumers.

Michael Saylor, CEO of MicroStrategy, commented about the Turkish lira crash on Twitter: “What follows is a parade of horribles – capital controls, debt default, wage & price controls, & currency reset. By the time you realize you need Bitcoin is may be too late.”

Fiat money is a legalized monopoly: it doesn’t like competition, even though the competition is beneficial to consumers. The central banks protect these monopolies, which means that consumers –the ones who can suffer from their policies– are not the top priority. When cryptocurrency activities get banned, we can see how governments and central banks fear the free market.

Bitcoin: trustless, transparent, and decentralized. None of the things a government’s monopoly can offer. What they can do is “exploit and defraud”, Nobel Laureate economist Friedrich Hayek would say.

In Satoshi Nakamoto’s words:

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.

Related Reading | Can Bitcoin Fix What Top Economists Say Central Banks Cannot Solve?

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Julia Arvelaiz

Julia Arvelaiz

Related Posts

Bitcoin BTC BTCUSDT

Will Bitcoin See A Valentine’s Day Massacre Or Can Bulls Get Back To $24,000?

17 mins ago
Bitcoin

Bitcoin Long-Term Holders Are Still Selling At Loss: Glassnode

6 hours ago
Bitcoin BTC

Will Bitcoin And Ethereum Crash? DCG Sells Grayscale Trust Shares

9 hours ago
Bitcoin

Top Crypto Miner At Record Bitcoin Production, Bear Market Over?

20 hours ago
Bitcoin price

This Will Be Important For Bitcoin And Crypto This Week

1 day ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF...

    5 hours ago
  • SinVerse Studios Announces $1 Million Buyback Program for...

    5 hours ago
  • Join the Revolution: Invest in STARSTAKING for 25% APY and...

    5 hours ago
  • The Crypto Bull Market Trend Has Started! What Does This...

    6 hours ago
  • Orbeon Protocol (ORBN) Grows 1625% During the Presale...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.