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- The co-founder of MicroStrategy is proposing Bitcoin as a solution for Lira, Turkey’s national fiat currency.
- Although the SEC is still at war with major crypto exchanges, Bitcoin bulls seem to have built momentum through the rough weekend.
Michael Saylor, a famous Bitcoin proponent has taken to Twitter to propose a solution for Turkey. Saylor who is
a key figure in the cryptocurrency market believes that digital currencies might be the best solution to Turkey’s economic problems.
However, Michael Saylor is very specific about the digital currency in question. Like any Bitcoin pioneer, Saylor recommends that Turkey turns to Bitcoin, the largest cryptocurrency by market cap.
Saylor is convinced that the big bull market is the key to saving struggling economies with fiat currencies that might also be losing their value. “Bitcoin represents the best solution for those struggling to survive in an economy with a collapsing currency like the Lira.” His tweet read.
The Bitcoin pioneer who co-founded MicroStrategy and maintained the position of CEO for a long time before stepping down commented in response to a tweet from Mohamed El-Erian. El-Erian, an Egyptian-American economist, and businessman, recently took to Twitter, to highlight the current state of the Turkish economy.
Bitcoin nears the $30,000 price mark
In his tweet, the economist noted that the country’s official currency Lira has continued to lose its value over time. Influencing the level at which the currency loses its value, is the collective sentiment that foreign exchange reserves have become extremely scarce. Additionally, he noted that the Turkish authorities seem to be less willing to show up in the markets and tackle the ongoing devaluation of the nation’s traditional currency.
Turkey’s currency depreciation continues this morning as more people come to the view that, due essentially to competing claims on increasingly-scarce foreign exchange reserves, the Turkish authorities are less willing and less able to intervene in markets to counter Lira weakness.
.#Turkey’s currency depreciation continues this morning as more people come to the view that, due essentially to competing claims on increasingly-scarce foreign exchange reserves, the Turkish authorities are less willing and less able to intervene in #markets to counter Lira… pic.twitter.com/kdMDSBQ8vb
— Mohamed A. El-Erian (@elerianm) June 9, 2023
Should Turkey adopt Bitcoin as its official currency, it will be joining El Salvador, which was the first country to make the Leading cryptocurrency an official national currency.
It is, however, worth noting that El Salvador’s decision has triggered a lot of criticism from many economic figures. The International Monetary Fund (IMF), a financial organization of the United Nations repeatedly expressed concerns over El Salvador’s pro Bitcoin move.
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Meanwhile, Bitcoin remains a major topic of discussion amongst industry players at this time. As the cryptocurrency industry goes head to head with the SEC, speculations about where Bitcoin will be headed in the next couple of weeks, have been rolling out.
At the time of this report, Bitcoin is in the green zone. While a large number of altcoins, including Ethereum, collectively shed gains, Bitcoin has succeeded in clearing hourly losses. The cryptocurrency now trades at a price of $25,781 at report time.
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