Turkey In Huge Trouble, As Currency Tanks Against Us Dollar.
Honestly at this point I feel, really bad for the Turkish citizens, the value of Turkish lira is in a huge free fall against the united states dollar, and the annual inflation rate is around 20 percent, the government should really look into this because the citizen should be in serious pain right now, I guess the rich are get richer and poor are getting poorer, because the government are not even help matters at all, I just read that they slashed the interest rate by 2 percentage points, Sending the Turkish lira off a cliff against the Us dollar. Just take a look at the chart below.
TRY/USD Chart
Source
I feel sorry for the citizens who have to suffer from these reckless central bank policies, and more sorry for those who have money in the bank because the value has depreciate massively, I think cryptocurrency is one of the few true safe havens from this rampant inflation and currency depreciation.
the government said a few weeks ago that "we are fighting cryptocurrencies". Instead of them to the running and embracing crypto which could fix the problem the are currently facing, the CEO of Microstrategy company, Michael Saylor has adviced and giving them a way out to fix the country issue.
Turkey could go and buy $5 billion of Bitcoin in their center bank treasury and that could be worth $50 billion in the next 5 years and it could "strengthen their currency", he said this an interview few days ago.
He also added that:
"Bitcoin is the Kingmaker".
TRY/USD Chart
Source
Here is also the TRY/USD exchange rate over a longer time span. The Turkish lira depreciated against the USD 15.18% over the last year alone. If you consider multiple years, it gets much worse. Since the beginning of 2013, it lost more than 80% vs the USD.
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Hmmm.This one tryusdt and NGNUSDT are comparing. Then buying enough BTC like 5 billion BTC will help them in the next 5 years.
That means is time to buy more of Crypto currency and leave them for years.
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You can if you have the money and patience.
Ok
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Somehow, the Turk government seems very similar to the Nigerian. A friend of mine there keeps complaining on how awful the conditions are there.
My dear very similar.
Don't feel sorry, we are doing just fine. Many Turks have found their way in to Bitcoin, and Crypto in general. Erdoğan was on his way to the UN meeting when he announced he would rage a war on Crypto. You have to put everything in perspective when politicians talk. We have many exchanges, and other ways to buy and sell crypto here. Older people buy Gold to hatch, which is also very easy here. Erdoğan is pro Gold and Crypto but he has to play the Davos game sometimes to get his way with the Globalist.
Oh nice, I didn't know about this, it good to know that you guys are not waiting on the government, happy crypto trading.