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Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: sirty143 on August 05, 2020, 10:04:06 AM

Title: Bitcoin Price Hits New All-Time High Against Turkish Lira
Post by: sirty143 on August 05, 2020, 10:04:06 AM
Bitcoin Price Hits New All-Time High Against Turkish Lira

(https://i.imgur.com/V6d2jDAl.jpg)

As the Turkish lira hits record lows despite foreign reserve selling, Steve Hanke says that only a “gold-backed currency board” can save the economy. See more for yourself here (https://cointelegraph.com/news/bitcoin-price-hits-new-all-time-high-against-turkish-lira).

Your opinion is greatly appreciated.
Title: Re: Bitcoin Price Hits New All-Time High Against Turkish Lira
Post by: Alcor on August 06, 2020, 08:25:51 AM
Here, first of all, it should be noted that the economies of almost all countries have now fallen greatly due to unprecedented measures to combat the spread of coronavirus and the world economy is now on the verge of a very severe global economic crisis. Therefore, not only the Turkish lira will soon fall. Inflation will now devalue all national currencies of states.
Bitcoin and other decentralized cryptocurrencies now compare favorably with conventional currencies and can save many people from inflation of their savings in national currencies of states.
The states, apparently, will not be saved by any provision of their national currencies with gold. They will have to go through an economic crisis and then recover and grow further.
Title: Re: Bitcoin Price Hits New All-Time High Against Turkish Lira
Post by: Gurujebs on August 06, 2020, 09:18:55 AM

Quote from: sirty143 on August 05, 2020, 10:04:06 AM
Your opinion is greatly appreciated.
This isn't about Turkey alone, this is global problem and the country that I fear the most is the US with the amount of USD printed by FEDs, the dollar is depreciating in value.
I am ashamed of my own country currency. We were already in inflation before the pandemic even started without a proper measure.
Quote from: Alcor on August 06, 2020, 08:25:51 AM
Bitcoin and other decentralized cryptocurrencies now compare favorably with conventional currencies and can save many people from inflation of their savings in national currencies of states.
Bitcoin is still coupled with forex, when the economy is sinking with hyper inflation, investors tend to sell their equities. This is where Bitcoin is to take merit but its always the opposite fallen together with equities. Bitoin still has lot of challenges, don't you think?
Title: Re: Bitcoin Price Hits New All-Time High Against Turkish Lira
Post by: syedrasool2011 on August 07, 2020, 09:11:53 PM
Cool idea to show asset diversification in coin world! It could be compared to the stock market, buying blue chips for safety and consistency and some penny stocks which are riskier but more rewarding in case they take off.