As Lira, the currency of Turkey continues to decent, Bitcoin.org observes an influx of Turkish visitors. An observation at large suggests that investors are inclining towards Crypto and the potential it holds against toppling fiat currencies like the Lira.
On Monday, Twitter user @CobraBitcoin observed the flood of Turkish Bitcoin.org users by a humongous 42%. This influx comes amidst a rapidly descending Lira and a concurrent national economic turmoil.
There’s been a MASSIVE 42% increase in visitors to https://t.co/OsFgRFRRZb from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!
— Cøbra (@CobraBitcoin) August 13, 2018
@CobraBitcoin implies a thought, that the crypto community has been mulling over for a while. The real strength of Bitcoin and cryptocurrency is not its speculative potential, but it lies in its ability to radically reshape traditional financial paradigms across the globe.
As per reports, on August 11, Lira has sunk around 13% on a single day, a drop of roughly 45% from a year prior. Wall Street Journal later stated:
The lira ended 6.6% lower at 6.88 against the U.S. dollar on Monday, after falling as much as 10% in Asian morning trading. The country’s debt and stock markets were also swept up in the turmoil.
According to an article on Politico, Lira’s slide has managed to garner the attention of the U.S. State Dept and a meeting between national security advisor John Bolton and the Turkish ambassador to the U.S. was arranged on Monday.
The meeting followed a weekend that saw President Recep Tayyip Erdogan of Turkey declare the country to be in an “economic war” amid a spike in inflation and Erdogan’s resistance to raising interest rates or accepting a foreign bailout in response
Amidst Lira’s continual drop, Donald Trump announced last week that his administration will double the aluminum and steel tariffs on Turkey.
Pondering upon the aforementioned stats does point out towards an important observation, that in the wake of their economic crises Turkish citizens entrusts the crypto alternative to achieving some stability. A similar trend has been observed in Venezuela, amid troubles with the Bolivar.
Read more: Bitcoin Exchange Paxful Plans to Help Venezuela’s Unbanked Citizens
With the spreading economic uncertainty and instability, cryptocurrency might be approached as a viable alternative. While some are openly accepting the option some still fear the digital currencies.
Arshmeet Hora
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.
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