Topic: Turkey’s economic crisis can trigger the next crypto bull run - page 5. (Read 849 times)
I do not believe that Turkey will bring the market to a better level now, and do not see a crisis that is too severe for Turkey at the moment, it is very difficult to show that bullrun will need more funds, if it is true that the Turkish people will buy crypto, so I don't think that will be too strong, most of them always ignore it, so we just wait for how many changes to the crypto market, or maybe it's to lure many people to buy and use seat belts to go upstairs.
So far there is no clear example of Bitcoin growing as the result of some economic disaster. People expect that Bitcoin will be used as a hedge, but they forget that Bitcoin is highly volatile and immature, so those who want to preserve their money are more likely to use safer options like gold or foreign currency. Turkey's economy is also too small to have significant effect on Bitcoin, if we had a crisis in EU or the US, that would be more likely to boost Bitcoin's price, but I doubt it would be enough to trigger a true bull run.
The GDP of Turkey was around 1 trillion USD.I don't think that the Turkish economy is small.However,the current situation around the turkish lira show that there's no impact over the cryptocurrency prices.Nobody in Turkey is buying crypto to preserve the value of his savings.Actually,I saw that people in Turkey are buying more turkish lira in order to recover it's value.
I wouldn't say that nobody in Turkey is buying crypto. The overall size of daily trading volume in Turkish exchanges is over $10 million, and don't forget that they can exchange TRY for BTC or other crypto not only in Turkish exchanges. But I agree that probably over 99% of Turkish citizens don't buy crypto, and that is because over 99% of citizens of any country don't invest in cryptocurrencies. So, no, Turkey’s economic crisis will not trigger the next crypto bull run, neither any other country's economic crisis can do that.
Over the long term, the idea of economic crisis being contained inside turkey's borders could prove to be flawed.
Turkey's economic crisis, like venezuela's, might be traced back to overprinting of fiat currency.
If accurate, it could mean that every major nation on earth will experience this form of economic crisis inevitably as the united states, european union and major nations are all overprinting increasingly large sums of fiat in an effort to stave off deficit and debt.
While this could be good for bitcoin's value and longevity as increasingly large numbers of people transfer wealth into crypto markets in an effort to escape inflation, the economic implications could be terribad.
Sorry to say the sky is blue and water is wet but this does appear to be a somewhat neglected issue.
Turkey's economic crisis, like venezuela's, might be traced back to overprinting of fiat currency.
If accurate, it could mean that every major nation on earth will experience this form of economic crisis inevitably as the united states, european union and major nations are all overprinting increasingly large sums of fiat in an effort to stave off deficit and debt.
While this could be good for bitcoin's value and longevity as increasingly large numbers of people transfer wealth into crypto markets in an effort to escape inflation, the economic implications could be terribad.
Sorry to say the sky is blue and water is wet but this does appear to be a somewhat neglected issue.
So far there is no clear example of Bitcoin growing as the result of some economic disaster. People expect that Bitcoin will be used as a hedge, but they forget that Bitcoin is highly volatile and immature, so those who want to preserve their money are more likely to use safer options like gold or foreign currency. Turkey's economy is also too small to have significant effect on Bitcoin, if we had a crisis in EU or the US, that would be more likely to boost Bitcoin's price, but I doubt it would be enough to trigger a true bull run.
The GDP of Turkey was around 1 trillion USD.I don't think that the Turkish economy is small.However,the current situation around the turkish lira show that there's no impact over the cryptocurrency prices.Nobody in Turkey is buying crypto to preserve the value of his savings.Actually,I saw that people in Turkey are buying more turkish lira in order to recover it's value.
So far there is no clear example of Bitcoin growing as the result of some economic disaster. People expect that Bitcoin will be used as a hedge, but they forget that Bitcoin is highly volatile and immature, so those who want to preserve their money are more likely to use safer options like gold or foreign currency. Turkey's economy is also too small to have significant effect on Bitcoin, if we had a crisis in EU or the US, that would be more likely to boost Bitcoin's price, but I doubt it would be enough to trigger a true bull run.
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