Even though bitcoin is crashing, it is gaining ground in several places.
One of those places being Turkey.
After the US slapped a fresh round of sanctions on Turkey for continuing to hold an American Pastor in custody, the lira tanked hard.
How hard you might ask?
In the last week alone, the lira has fallen by 27% against the dollar.
How about in cryptocurrency terms?
In cryptocurrency terms, the bitcoin/lira pair has now reached its highest levels in over 7 months:
(Source: https://www.coindesk.com/bitcoin-price-hits-7-month-high-against-turkish-lira/)
That might not sound like a big deal, but when bitcoin is falling seemingly every week for the past 7 months, yet it is gaining sharply against a fiat currency...
That tells you what kind of trouble the lira is in currently.
In fact, if you go back one year, the lira is down close to 80% against the dollar.
80%!
That is just in the last year. If you zoom out more, it gets even worse.
And we thought the bitcoin price action has been bad over the past 8 months or so...
It's not ETF or bust for bitcoin!
As I mentioned in my post yesterday, bitcoin may not need an ETF. All it needs is a currency crisis here or there and it will catch a bid.
More about that can be found here:
https://steemit.com/bitcoin/@jrcornel/will-a-currency-crisis-be-the-next-catalyst-for-bitcoin
Why am I so certain?
Because it has happened several times before!
Check out the price action of bitcoin during times of turmoil:
(Source: https://twitter.com/BKBrianKelly/status/1027960904892264448)
For anyone selling bitcoin at $6k, keep in mind that a currency crisis and an ETF are both likely right around the corner...
Do you want to be selling with that kind of catalyst potentially coming at any time?!
Stay informed my friends.
Image Source:
https://www.123rf.com/photo_97025150_bitcoin-and-pocket-watch-on-turkish-lira.html
Follow me: @jrcornel
Economic collapse is a certainty, but whether its 1 day or 10 years, I dont know.
I just bought a newer, bigger house, and I constantly wonder whether that was the best decision or not, if we just held the savings, or bought crypto with that savings, we might have had a chance to play the dip.
So I expect a collapse, but Im playing as if its gonna be a while before that drops.
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I hear you. Putting money in an asset such as real estate tends to be a pretty good store of value as well.
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💰😖💰😖💰😖💰
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The best thing to do right now is to just HODL, because its going to get better
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Well the Lira dropped 20% in 24 hours and there’s no sign of it recovering any time soon! Along with Zimbabwe, Venezuela they could be ideal places for crypto to thrive as well as places like Peurto Rico and Marshall Islands who have had to suffer under the US dollar dependency
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Those are places that suffered issues with fiat currency and all candidates for bitcoin to gain a footing.
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Going all in on crypto isn't exactly the safest bet, but I guess this proves that going all in on local fiat currency can be just as risky sometimes.
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Like many things in life, moderation is key.
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So true!
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One man's dump is another man's pump
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Nicely put. Money is definitely leaving the lira for bitcoin. Volume on Turkish bitcoin exchanges has been increasing significantly over the past week.
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Please check my blog. Best information about the subconscious and conscious mind
https://steemit.com/mgsc/@mohdimad/the-human-brain
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Don't spam please
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Lira will keep on dropping against Bitcoin if the situation remained like this.
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Probably so, well as long as bitcoin doesn't keep dropping itself... or should I say as long as it doesn't drop at a faster rate.
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Thank you for the useful information
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You are welcome
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Great article there @jrcornel keep up the good job with keeping the masses informed but what is actually going on
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Glad you find it interesting
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It's really just a matter of time. Hodl, brethren. When adoption happens, bottles shall be popped.
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For bitcoin or steem?
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I heard that Qataris are exchanging dollars for liras in support of Turkey after a drop in the price of its currency.
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That could be. Do you have a link?
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Thank you for this useful information I have not thought about bitcoin against the lira before its an eye opener
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It just shows that bitcoin can act as a store of value against depreciating currencies.
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Interesting, things only look to be going from bad to worse for Turkey. It appears Venezuela is also looking towards BTC..
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Those two countries are experiencing major inflation. Bitcoin makes a lot of sense for them.
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interesting to know about that finally bitcoin is hitting high somewhere atleast hahah
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