Bitcoin Interest Spikes in Istanbul Amid Turkish Currency Crisis
Citizens in Istanbul, Turkey’s largest city, began visiting Bitcoin.org in droves in the wake of the politically-driven currency crisis that has rocked the Eurasian nation and its lira over the past few days. That’s per the site’s co-owner Cøbra, who called the spike “MASSIVE.” It’s an interesting trend that casts BTC as an increasingly looked-to redoubt in nations where centrally mismanaged monetary policies have led to disaster.
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As Turkish, U.S. President Butt Heads, Some in Istanbul Look to Bitcoin
Since August 10th, Turkey has been front and center in international headlines as the lira has acutely plummeted on the heels of a widening diplomatic spat between Washington and Ankara and growing domestic mistrust of Turkish President Tayyip Erdogan’s fiscal policies.
Accordingly, with “trust” at the fore, a spike of Istanbul citizens has visited Bitcoin.org, a leading Bitcoin information website. So said site administrator Cøbra, who called the episode another milestone in bitcoin “replacing fiat currencies as they fall apart!”
There’s been a MASSIVE 42% increase in visitors to https://t.co/OsFgRFRRZb from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!
— Cøbra (@CobraBitcoin) August 13, 2018
In the big picture, bitcoin is still in its adolescent years, and as such, it cannot currently provide an end-all-be-all solution to the Turkish people amid the lira’s nosedive. But it does provide an alternative beyond the reach of President Erdogan’s increasingly expansive fingers, and in light of Bitcoin.org’s recent influx of Istanbul visitors, it’s clear that dynamic will be enough for some in the nation to test the waters of cryptocurrency.
From Venezuela to Iran, growing trickle-down political strife has led more and more international denizens from the pain points of mainstream finance gone wrong toward the financial self-sovereignty possibilities of cryptocurrency. It’s a point worth considering as powerhouse services like PayPal are currently suspended in Turkey.
Knock knock…. it's #Bitcoin. Hello Turkey!
— ⚡️ BitcoinWarrior ⚡️ (@NotGoxed) August 13, 2018
On the flip side, there’s bitcoin. And it can never be suspended.
Bitcoin David vs. Dollar Goliath
Of course, the acute collapse of the lira can be contrasted with the recent advance of the U.S. dollar, which had previously hit a three-year low earlier in 2018.
— Peter Brandt (@PeterLBrandt) August 13, 2018
Some, like Kim Dotcom of Megaupload fame, have argued unabashedly that it’s not only conceivable that cryptocurrencies like BTC will win out, but inevitable.
Trust me. Buy crypto and gold. Your USD will become worthless. With US economic collapse all old money currencies will crash.
Times will get tough. But you’ll be fine if you hedge some of your assets in preparation for the crash.
The big crash is coming 100%.
— Kim Dotcom (@KimDotcom) August 12, 2018
That’s one end of the spectrum, to say the least. But it may seem prophetic if USD ever faces its own historic crash. Only time will tell for now.
What’s your take? Is BTC increasingly set to become a redoubt for citizens in the face of fiat strife? Let us know your thoughts in the comments section below.
Images via Bitcoin.org, Pixabay