question Will the fall of the Turkish currency raise the price of Bitcoin?

[CryptoLegendry 505]

Will the fall of the Turkish currency raise the price of Bitcoin?

 

After the drop of the lira, the Turks are seeking to explore Bitcoin and other cryptocurrencies, as Bitcoin and other cryptocurrencies Turkey seeks to discover, especially after the witnesses of the Turkish lira currency TRY, a clear decline in the midst of tremendous economic uncertainty and the availability of many opposing views towards solutions.

 

As citizens of Turkey turned to Google at this time in order to explore Bitcoin and other crypto assets.

 

It is worth noting that interest in cryptocurrencies has increased at a time when the Turkish lira witnessed a decline of 14%, specifically after President Recep Tayyip Erdogan dismissed the governor of the Central Bank of Turkey, called Nasi Aghbal, on the previous Saturday, corresponding to March 20, 2021.

Will the Turks now invest in the moment to buy bitcoin? Will we witness a big increase in the Bitcoin price?

Express it with a comment!

[CryptoLegendry 505]

23 hours ago, Ronysmith said:

Useful topic and useful analysis Yes, and I think that Bitcoin will rise after the collapse of the Turkish currency, but the rise is large enough because the Bitcoin market has become global affected by global events greater than the collapse of the Turkish currency

Bitcoin has become so big and shiny that not an entire country can make a huge impact on the cryptocurrency project! As I said, Bitcoin can rise due to the deterioration of the value of the Turkish lira now, but with a simple thing! That is, with an acceptable height ratio! We are new to Bitcoin today! Alien Musk's comments about Bitcoin impress many people, which makes many people truly believe in the Bitcoin project and the cryptocurrency project as a whole!

[Samer1997 715]

It is normal for us to see a huge increase if they do that, I do not think that this will be for a short period, I have always said that sooner or later all people, governments and companies will tend to use cryptocurrencies in general and Bitcoin in particular

[CryptoLegendry 505]

22 hours ago, Samer1997 said:

It is normal for us to see a huge increase if they do that, I do not think that this will be for a short period, I have always said that sooner or later all people, governments and companies will tend to use cryptocurrencies in general and Bitcoin in particular

Yes, this is what is happening now! Did you see what happened with Elon Musk and his changes on Twitter? People can now buy a Tesla in exchange for paying in Bitcoin! This is very good! Makes a lot of companies think to invest in the cryptocurrency project! Therefore, when the value of the Turkish lira decreased, the first results of search engines in Turkey were about cryptocurrencies and Bitcoin

[selfmade 7]

While other countries sees bitcoin as a threat to their local currencies, there are those who thinks crypto might be best for the economy of the country?! man! this is twisted.

But to answer you question yes, this is another trend for bitcoin and of course it would positively affect the crypto economy.

[kryptonick 2659]

One thing only. If I was Turkish I wouldn't sell my Bitcoin for Turkish lira. I don't know who does that and what is the thinking behind this, but it is a huge mistake as this fiat currency is quickly becoming the next Bolivar. I will sell still for dollar and euro, but if I was to choose between Turkish Lira, or fiat currencies from countries like Venezuela, Lebanon, Zimbabwe as well as almost every small or medium economy that is not in an economic union I would prefer to hold BTC, BCH, XMR, even XRP which is dangerous right now and many more. Who in their right mind wants to hold fiat currencies like these that drop like flies in just a day?

Secondly I wanted to speak about Turkey and why this problems with the currency are happening. It is political reasons, which because we are not allowed to discuss I will not, I will just say that wars have a big cost and the cost is always paid by the population. If you think that wars are like in the middle ages then you are wrong. Today wars are not won in the battlefield, but in the diplomacy field. And while Turkey has some kind of regional power, it doesn't prove that it enjoys being peaceful. Consider that warmongering is not welcome in the modern world.

[Whited35 15285]

On 3/23/2021 at 11:28 PM, CryptoLegendry said:

Will the Turks now invest in the moment to buy bitcoin? Will we witness a big increase in the Bitcoin price?

In my opinion, yes. Like the investors around the world are finding Bitcoin as the best option for a hedge against the inflation, Turks might also follow the same trend to shift BTC price to achieve another milestone. Production of the physical currencies to increase the supply, affects the BTC price. I think here is the relatable case with Egyptian pound, you might love to check https://finance.yahoo.com/news/massive-devaluation-egyptian-pound-inspired-140000875.html

[CryptoLegendry 505]

6 hours ago, wissam2000 said:

Hello my friend, yes your words are correct. Bitcoin is in great demand in Turkey, especially when the Turkish lira is depreciating. And increase the quarantine periods. I think that the Turkish people are now on the brink of a revolution in the world of cryptography, especially after global statistics on Bitcoin users have been conducted, and Turkey ranked third with 14%, which is a large percentage, and I think that in the future, a decrease in the lira will lead to an increase in Bitcoin.

I learned from one of my Turkish friends that the government has begun to confront these people who are selling the Turkish lira in exchange for buying bitcoins (the middlemen), because this will put the Turkish state's economy in greater danger! Therefore, many Turks have turned away from thinking about this subject for fear of running into legal problems with the Turkish government!

[SelimAbi 339]

I live in Turkey and Turkish citizen. We live economically very difficult for 2 years. Turkish lira is losing value day by day. The state is not economically successful in this regard. That's why there are 13 million crypto money investors in Turkey. I am also one of them. I buy bitcoin as much as possible, or I buy a coin that will increase in value. I agree with you, as the Turkish lira will continue to decline, more Turkish investors will gain. This can cause bitcoin to increase in value.

[Mella 3680]

On 3/27/2021 at 8:10 PM, CryptoLegendry said:

I learned from one of my Turkish friends that the government has begun to confront these people who are selling the Turkish lira in exchange for buying bitcoins (the middlemen), because this will put the Turkish state's economy in greater danger! Therefore, many Turks have turned away from thinking about this subject for fear of running into legal problems with the Turkish government!

Yes, I learn this too. The government next step for defence of the fiat currency is capital controls and perhaps ban of large transcactions above a small level that can even be $50 daily or even less. In Turkey the prices are rising extremely for years and reports say that at least a million people can not buy the necessary daily items. 

This is what happens to all fiat and lucky for us, we know there is a solution. Holding just a few in bitcoin will certainly help when things go bad.

[CryptoLegendry 505]

4 hours ago, SelimAbi said:

I live in Turkey and Turkish citizen. We live economically very difficult for 2 years. Turkish lira is losing value day by day. The state is not economically successful in this regard. That's why there are 13 million crypto money investors in Turkey. I am also one of them. I buy bitcoin as much as possible, or I buy a coin that will increase in value. I agree with you, as the Turkish lira will continue to decline, more Turkish investors will gain. This can cause bitcoin to increase in value.

Is buying Bitcoin against the Turkish lira prohibited within the Turkish territory? I mean, does the government allow this overtly and clearly? Or are you within Turkish territory use some methods that make it difficult to track such matters? I think that the Turkish government is not satisfied with such behavior because it will definitely make things difficult for them! This will definitely affect the value of the Turkish lira!

[piuri01 446]

I think that yes, the price of bitcoin will rise, because the fall of this currency will make bitcoin the most prestigious, everyone will want to have a bitcoin to see that the other currencies do not work.

[Pereira 2303]

Bitcoin has no problem with entering Turkey to establish itself there after the fall of its cryptocurrency, it will always be a great opportunity to enter cryptocurrencies and develop with bitcoin, since this same is the strongest and oldest cryptocurrency in the crypto market, this is why I can say that Turkey has a great opportunity to progress in technology and economy.