Post
Topic
Board Economics
Re: Turkey’s economic crisis can trigger the next crypto bull run
by
davis196
on 26/08/2018, 06:05:42 UTC
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.