Turks Exile from the Lira into Bitcoin

Turks Exile from the Lira into Bitcoin

Latest reporting out of Washington appear to signal no deal struck between the Trump administration and the government of Turkey, potentially deepening an already fragile financial situation.

The relationship between Turkey and the United States continues to strain over unfulfilled demands.

New decentralized — and stable — cryptocurrencies are on the horizon. These will soon enter the marketplace as viable alternatives to government fiat.

Eiland Glover; CEO of Kowala

US President Donald Trump responds, 'There will be no concessions', and threatens even more sanctions against Turkey.

Due to this, Turkish lira is now down to 40% against the US dollar, and inflation is already at the brink of hyperinflation. Turks are now speedily retreating to Bitcoin. The surge in activities on exchanges such as LocalBitcoins is an evidence of this. People are now having a new means to exit economic uncertainties happening within their nation, without actually physically leaving it. And this exit is through the medium of cryptocurrency.

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.