Bitcoin or Gold: Turkey Buys Assets Amid Falling Lira
CONTENT

  • Turkey could become the center for the development of the crypto industry in the Middle East

  • Turks are ready to invest in gold and bitcoin

  • Turkey ready to issue digital lira

International consortium of news organizations developing transparency standards.

The financial crisis has hit the global economy hard, and Turkey is no exception. Against the backdrop of recently strained relations with America and dependence on foreign currencies, the Turkish lira fell to record lows against the dollar. To save the economy and strengthen its own currency, the government is buying gold and is ready to invest in cryptocurrencies.

Turkish market could turn bullish for bitcoin

 

A few months ago, the head of the largest cryptocurrency exchange Binance, Changpeng Zhao, said that Turkey has every chance of becoming a leader in the development of the crypto industry in the Middle East. Today, 20% of the country’s population are bitcoin holders, and about 2.5 million are actively engaged in trading..

At the same time, the government of the Republic of Turkey is positively disposed towards the development of the crypto industry in the country. For example, earlier Turkish leader Recep Tayyip Erdogan stated that Turkey is considering the possibility of international settlements in cryptocurrencies, and also plans to issue its own digital money – digital lira..

According to Qiao Wang, director of product promotion at analytical company Messari, bitcoin will continue to strengthen in the Turkish market. As he stated earlier, BTC has already hit an all-time high against the Argentine peso and is ready to do the same with the Brazilian real and Turkish lira. This means Turkey could be a platform for a bullish leap in Bitcoin.

Bitcoin or Gold: Turkey Buys ...

However, an active supporter of gold, Dan Tapiero, believes that investing in a country where 20% owns bitcoins is pointless. He is also betting that Turkey has large reserves of gold that could support the lira. But the wrong financial policy of the Turkish leadership led to the fall of the national currency.

We remind that earlier BeInCrypto reported that Turkey is the most active gold buyer. In the first quarter of 2020, the country purchased over 32 tons of precious metal.

Russia chooses economy

 

While Turkey is trying to strengthen its national currency with gold and crypto money, Russia is choosing a different path. The financial crisis also collapsed the ruble against the US dollar, but the State Duma decided to focus on lowering rates and conducting foreign exchange interventions.

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So far, such a policy does not particularly affect the stabilization of the economy, but also does not allow the ruble to collapse to the minimum level of 80 rubles / dollar, as predicted in March..

So far, the Russian government is not ready to invest in cryptocurrencies and does not consider them as a possible defensive asset..

 

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