Governments Chasing People To Mass adoption
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Over the last month the Turkish Lire has depreciated by over 11% so in normal conditions the majority of people sit it out hoping for a recovery. These days that is not the case though as there are plenty of "safe havens" where one can withdraw fiat and buy Bitcoin or Ethereum. This is exactly what the Turkish people have been up to looking at the chart below.
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These figures are from Turkey's number one exchange BtcTurkPro and it shows a pretty picture especially from the beginning of this year. The trend is to get out of the underperforming currency in order to not lose what you have worked so hard to earn.
Governments are doing a great job of speeding up mass adoption with out any help from outsiders. If you have incompetent people in charge then this will be repeated around the world and why every policy or cabinet change needs to be thought of more carefully.
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The market average for Bitcoin in Turkey is at 94% which is above the world average of 77%. the Turkish people can thank their new finance minister for this mess as he has done them a massive favor. by buying in now they are surely going to benefit from the upward curve in the price of BTC wiping out the losses they had from holding the Turkish Lire.
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Dropping from 3/1 to 8/1 in 5 years is not a great picture if you are Turkish and understand what they are feeling. In South Africa we have seen a similar picture emerging with the Rand dropping from around 10/1 to 16.50/1 in a similar time frame as the Turkish.
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The South African Rand looking great except this shows the devaluation and how much it is weakening.
Funny to think even just 1 year ago if anyone had moved their funds into Bitcoin they would be over 20 x wealthier today. Hind sight is a wonderful thing but when you are faced with this type of depreciation you don't really have a choice.
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Not a great list to have your country featured on.
I find it a damn cheek when Governments want to try and prevent people getting into crypto by adding regulations when they can't even run the economy. Having ministers who know what they are doing in a specialized field should be a pre requisite and not a buddy system. The head of the Army in South Africa is a qualified nursery school teacher which sums up the mess around the world.
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I think we are going to be seeing more and more people move into the crypto space as things like this continue to happen. The regulations and all out banning are getting ridiculous. I am so glad that I am at least on the right side of history with this one.
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Yes it is the sad reality and for once we are early to the game.
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Fingers crossed!
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This is an incredible drop in spending power, no wonder people are jumping ship. Government involvement in finance needs to come to an end, people are having their life savings become worthless, its awful.
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I agree and how sad is it that by not doing something you could become a prisoner in your country as you currency now has no value. This has been worrying me for years and thankfully I have a way out through crypto.
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An incredibly necessary escape plan at this point of our world's history.
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It is likely that those in charge of currencies think that crypto is a threat to their economies when in reality it is they, themselves who have been the threat that crypto neutralizes.
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Governments are their own worst enemy through sheer stupidity and ignorance.
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It’s just time for a new financial system. Blockchain is the system for all people. Most of the legacy system is pure insanity attempting to use models that are obsolete.
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Living in a country that does feature in that list (Brazil), I can relate to this article.
The upside is this is a great opportunity to try and draw some attention to crypto and Hive.
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Ive written a couple of posts saying the same thing...the govts are fostering the adoption of crypto without knowing it, I've sited a bunch of examples through which Nigeria govts does this, it is interesting to see that it is a common thing in the world now, the time of govts are slowly coming to an end, this I know
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