- The founder of MicroStrategy commented on the country’s hyperinflation
- The Turkish lira is plummeting in value
- The USD 1 is now asking 23.62 LYRA
- And the local government is committed to tightening regulation of the cryptocurrency industry
- And digital assets could be the savior for citizens
We reported earlier that Turkey was literally slammed into hyperinflation. The lira depreciated by more than 20% against the dollar at the end of the election. And it keeps falling.. Against this backdrop, locals are looking for alternatives, and Michael Saylor advised them of one.
The founder of MicroStrategy commented on Mohamed A.. El-Erian, financial commentator and academic. He said the Turkish authorities were unable to counter inflation because of scarce foreign exchange reserves.
As of June 9, the lira-dollar ratio was 23.48 to 1.. At the time of writing, Turkey’s national currency has “sunk” even lower, to 23.62.
There are several reasons to explain the current hyperinflation. One of them is the re-election of Erdogan. Among other things, he is also a cryptocurrency skeptic.
In response to El-Erian’s publication, Michael Saylor said that Bitcoin is the best salvation for people in an economy with a depreciating currency.
And ordinary Turkish citizens understand this well. But the nuance here is that Erdogan is sharply against the popularization of cryptocurrencies. His administration is pushing “regulated” solutions in the form of e-Human and CBDC, but is restricting the rest of the sector. Meanwhile, ordinary people in Turkey are rapidly losing their savings.