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Topic: BTC has hit ATH against Turkish Lira - page 3. (Read 510 times)

legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
August 05, 2020, 05:35:40 PM
#4
Some say it's from the workings of foreign powers, but I mainly believe that it's due to the instability of their government and the lack of incentive to really invest in Turkey and place a mainstay company or even an offshore department from there.

You are correct, the main reason why countries experience inflation is because the country, the government as a whole is so much in debt their revenue can't pay it off. So to approach this problem they think that printing higher valued notes will create the money needed to pay off the debts but this money is devaluated because it isn't backed by anything, not even by the monetary policy of their central banks or by the selling of currency bonds. Few countries want to buy bonds of another country that's printing larger banknotes because those bonds are worthless. Foreign powers may be able to influence some economics like imports and exports but they don't have much of a say in other countries' monetary policies.
legendary
Activity: 3542
Merit: 1352
Cashback 15%
August 05, 2020, 04:59:31 PM
#3
ATH against BTC in the negative sense unfortunately.

Even if it's an ATH, it still doesn't look good if the paired currency is devaluing massively. It just shows that the currency is struggling to keep a steady value while the rest of the world are still holding on and not giving in to hyperinflation. Turkish Lira has been sliding towards a bad shape since the start of 2015. Some say it's from the workings of foreign powers, but I mainly believe that it's due to the instability of their government and the lack of incentive to really invest in Turkey and place a mainstay company or even an offshore department from there. Good thing though that Turkey does not prohibit the use and trades of cryptocurrency, as it might help its population save some value on their hard-earned money in the midst of the rapid loss of value of the Turkish Lira.
legendary
Activity: 2352
Merit: 6089
bitcoindata.science
August 05, 2020, 04:07:21 PM
#2
Bitcoin hit all time high against Brazilian Real BRL as well , a few months ago.

But this is more due to fiat devaluation than to bitcoin valuation,  as bitcoin would still need about 70-80 % more to reach it's all time high against dolar.

Bitcoin was a very good hedge in this pandemic crisis for developing countries,  which fiats suffered a lot.
hero member
Activity: 1358
Merit: 851
August 05, 2020, 12:53:05 PM
#1
Recently, BTC has already hit ATH against Turkish currency Lira. I have seen this popping up on the social media and surprised before watching that Turkish Lira has lost a lot of value. Back in 2017 ATH of Bitcoin, Lira was priced at around 3.75 Lira per USD while now it has lost value and is priced around 6.98 Lira per USD.
Nevertheless, it's still an ATH and we can see another ATH soon against BTC as well.
Source- https://cryptopotato.com/bitcoin-price-hits-ath-against-the-turkish-lira/
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