Trump vs Erdoğan: Bitcoin Is the Answer to Turkey’s Financial Chaos

As Politicians Battle Over Turkey, Citizens Turning More Toward Bitcoin
According to the Trump administration, there will be no immediate deal to ease tensions between it and the government of Turkey. Reports suggest Turkey offered to release a US pastor held under suspicion of terrorism, granting a minimum demand of the US, in exchange for easing fines imposed on one of Turkey’s largest state lenders, Turkiye Halk Bankasi A.S. (fined for allegedly violating sanctions against Iran). It’s the latest wrinkle in an international political squabble financially breaking a great many Turks in its wake. The country’s fiat currency, the lira, is down some 40% against the greenback, inflation is out of control, and its politicians are using the tussle to ramp up nationalism in an effort to avoid widespread calls for basic economic reform — raising interest rates, seeking International Monetary Fund assistance, etc. The lack of diplomatic agreement could bring about yet another round of US economic sanctions against Turkey.

As More Move to Crypto, Turkey Might Not be so Welcoming
“Until now,” ecosystem philosopher Andreas Antonopoulos mused in general, recalling his own experiences in Greece, “exit from a country meant physically removing yourself: refugees, flight, and that creates its own dangers – exploitation, human despair, catastrophe, tragedy. But one of the interesting things that happens with cryptocurrency is your ability to stay put, stay in place, and economically exit without leaving the country. Continue to trade with your neighbours, engage in commerce with other people; exit only from the currency, and stay where you are.” Indeed, the United States’ most popular cryptocurrency exchange bank, Coinbase, and its CEO Brian Armstrong believe economic crisis will fuel crypto adoption. Speaking at a recent conference, Mr. Armstrong explained, “Countries going through economic crisis and pockets of people in those areas are getting interested [in crypto]. There is interest among those people with the highest pain point in having stable currency. In the next three-five years countries going through economic crisis could see people organically adopting crypto as an alternative,” which appears to be the case in Turkey.
Images via Pixabay.
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Andreas Antonopoulos Bitcoin Core (BTC) Brian Armstrong Eiland Glover Emerging Markets Greece Hyperinflation Kowala Lira LocalBitcoins N-Economy Recep Tayyip Erdoğan Sanctions Turkey