Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Investors Eye Turkey As Lira Plummets 20%
by
avikz
on 13/08/2018, 09:57:52 UTC
For some perspective, here are the listed exchanges' Bitcoin 24h trading volumes as of this moment according to Coinmarketcap:

Koinim: $235,661   
BtcTurk: $3,367,240
Paribu: $6,686,483

The largest exchanges typically deal with hundreds of millions. I acknowledge that there may be an increase in their trading volume and that that certainly suggests increased demand for Bitcoin, but there's no mass exodus to crypto as the article may suggest.

Still, I find it great that people can (and there are quite a few people that do) turn to crypto in times of domestic unrest. The number could be much greater considering the stakes, but I guess crypto will have to earn more trust first.

You are correct in the numbers but did you have the previous volumes as well. I don't see any link in coinmarketcap website that can provide us with the previous volumes of any particular exchange. So I believe the numbers were much lesser than the current level. Lira has been dropping since a while now and even though Mr. Erdogan assured people about their internal economy is robust, there are few percentage of the population who would like to hedge against this risk.

Obviously it is not a mass exodus, but it is good that people are entrusting bitcoin and other cryptos to safeguard their wealth. P2p exchanges will not come into picture here because people are not buying their own fiat currency. Instead they are hedging against the risk by replying on crypto VS Dollar value. If they succeed at the first attempt, the trust quotient is bound to increase. Only time will tell the effectiveness of such hedging.