Turkey’s Citizens Are Looking Toward Bitcoin

United States imposed sanctions on Turkey have had negative consequences upon the country and there is no indication of the Trump Administration changing its stance. As the administration announced, there will be no immediate deal to ease tensions between the United States and Turkey, nationalism and to prevent even though Turkey offered to release a U.S. pastor suspected of terrorism in exchange for easing imposed fines.

Many Turks are struggling with the sanctions’ impacts. The Turkish Lira decreased 40 percent against the dollar, inflation has increased, and politicians have seized the opportunity as a way to enhance pushback against economic reforms. Without an economic agreement, the United States may impose additional sanctions as well.

One way that some of the country’s citizens are trying to combat the depression of their currency is to turn to bitcoin. There has been a flurry of activity concerning exchanges such as Localbitcoins and the government has even appealed to the population to reduce their reliance on any foreign currency, especially the dollar.

The trend of moving toward cryptocurrency may increase, especially as politicians are unable to address citizens’ concerns and as the country’s chance of defaulting on its debt continues to increase.

According to Andreas Antonopoulos, an ecosystem philosopher, “Until now, exist from a country meant physically removing yourself; refugees, flight, and that creates its own dangers – exploitation, human despair, catastrophe, tragedy. But one of the interesting things that happens with cryptocurrency is your ability to stay put, stay in place, and economically exist without leaving the country. Continue to trade with your neighbours, engage in commerce with other people; exit only from the currency, and stay where you are.”

Brian Armstrong, Coinbase’s CEO, opined that economic crisis may be the fuel needed for crypto adoption. As he stated, “Countries going through economic crisis and pockets of people in those areas are getting interested in [in crypto]. There is interest among those people with the highest pain point in having stable currency. In the next three-five years countries going through economic crisis should see people organically adopting crypto as an alternative.”

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