Gotta be frank, not abreast with developments there but I do know from connexions that the Lira's on a death spiral, something like 50% value loss in past few months?
Down and up and so on for years, I no longer see it as something to wonder about. In my opinion, there are only two options as to why this is happening:
- the first is that the Turkish government is very incompetent and the country is run by completely incompetent people.
- another reason is that there are factors in the country that want to destabilize the country, remnants of coup attempts that have outside support.
Yeah, I know it's been trending down but this year was something special, judging from the Erdogan memes I've been seeing all over the place. Only got into this as had some Turkish linkages with crypto about 2/3 years ago when they got dumped on suddenly by the usual suspects (used to be Tranferwise, then they cracked down on Turkish accounts, but not as bad as Revolut that just froze monies no amount of KYC could solve).
It's highly political as you say, and Lira's been weaponised to a tired dead horse but even that seems to have lost its flavour...
It was bad. It did recover a little, but still not good. And the news about the bargain prices were related to anybody having anything else than Turkish Lira, i.e. the foreigners. And this was quite a blow since Erdogan's rhetoric used to be anti-foreigners.
Not all foreigners though. Us in Southeast Asia aren't seeing fiat slide as badly, but I think it's only a matter of time. My state's fiat has been on par with the neighbours but ever since the 90s depeg, we've been seeing value vs dollar, franc, euro, pound all slide slowly and inevitably.
BTC may have gone whatever x in the past 10 years in USD, but we've lost almost 20% value vs that in the same period of time so Bitcoin's appreciated even more in Southeast Asia. Which is why only the crypto-wealthy Southeast Asians would be off to Turkey buying "cheap" homes haha.
