Aug 26 2018

Turkey appears ripe for bitcoin adoption - Bitcoin.com

With a devalued currency, rampant inflation, and the usual political answers to economic problems impotent, the situation in Turkey appears ripe for bitcoin adoption, Bitcoin.com said on Wednesday. 

As the Turkish lira has fallen 37 per cent against the dollar this year and has hit record lows in recent weeks due to the strained relations between Turkey and the United States over the detainment of U.S. Pastor Andrew Brunson, Turkish citizens found refuge by ditching Turkish lira for cryptocurrency, Bitcoin.com said. 

Until now, exiting a country meant physically moving, however cryptocurrencies give people the ability to exit economically without leaving the country, ecosystem philosopher Andreas Antonopoulos told the Bitcoin news site referring to his experiences during the economic crisis in Greece.

“In the next three-five years countries going through economic crisis could see people organically adopting crypto as an alternative,” Coinbase CEO Brian Armstrong said. 

Right now, Turkey’s only option is the intervention of the Turkish Central Bank, according to Eiland Glover, Founder and CEO of Kowala. But as nation states’ are losing their monopoly on creating money, cryptocurrencies may soon become viable alternatives to government fiat, Kowala said.