Excitement not entirely backed up by numbers, but shows that at least idealism is alive and kicking .
The Turkish lira is at crisis point, and Turkish people are showing an increased interest in Bitcoin. Some see this as a sign of hope as the cryptocurrency market deflates across the board.
There’s been a MASSIVE 42% increase in visitors to https://t.co/OsFgRFRRZb from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!
The Turkish lira has devalued by 45 percent over this year, but the immediate crash is being attributed to sanctions imposed by the US on Turkey. Specifically, at the beginning of August, tariffs on Turkish steel and aluminium were doubled, a delivery of F-35 fighter jets was halted, and two government officials (justice minister Abdulhamit Gül and interior minister Suleyman Soylu) were blocked from using the US financial system.
These were punitive measures taken because Turkey refuses to pardon an American priest residing in Turkey, Andrew Brunson. He was arrested in October 2016 in the aftermath of the failed coup attempt against the Turkish government. He is accused of spying/attempting to overthrow the government/being a member of the Islamic Gülen movement, and his trial was described by a rights activist as a "farce".
The Turkish finance minister, Berat Albayrak (Erdoğan's son-in-law) said that the impact on the economy would be "limited", but the charts tell a different story:
The crash has had effects on other currencies and businesses worldwide; the euro, the Argentinian peso, South African rand, the Indian rupee and the Indonesian ringgit are all suffering, according to The Guardian.
Looking at two of Turkey's cryptocurrency exchanges, Koinim, and BTCturk, we can see major increases in use.
42 percent is not that much
Cøbra is the Twitter account of the co-owner of Bitcoin.org, which is the closest thing the world has to an official Bitcoin website. 42 percent is not such a drastic change, but his comment on Bitcoin replacing fiat currency is the reason that crypto fans get so excited when a crisis happens:
An Istanbul-based Marketing professional (pseudonym Bitmov) told CoinDesk:
"I started personally trading crypto 1.5 years ago because of the weakness of the Turkish lira, and fear of the political, and financial, status of the Turkish government. Cryptocurrency makes me feel much safer...If your national currency is falling like this ... or you don't trust centralized currencies and banks, what can you do? You should be your own bank, and I'm sure people all around the world will realize that soon."
In reality, the price of Bitcoin has actually lost more value than the lira since 2017. The fact that this loss has come in tandem with the increased interest and involvement of financial institutions is perhaps a point that could be discussed.
What seems clear from the heated discussions that this crisis has inspired is that the idea behind cryptocurrency, the promise of financial independence from central governments, is still held by many.
The Turkish lira is at crisis point, and Turkish people are showing an increased interest in Bitcoin. Some see this as a sign of hope as the cryptocurrency market deflates across the board.
There’s been a MASSIVE 42% increase in visitors to https://t.co/OsFgRFRRZb from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!
The Turkish lira has devalued by 45 percent over this year, but the immediate crash is being attributed to sanctions imposed by the US on Turkey. Specifically, at the beginning of August, tariffs on Turkish steel and aluminium were doubled, a delivery of F-35 fighter jets was halted, and two government officials (justice minister Abdulhamit Gül and interior minister Suleyman Soylu) were blocked from using the US financial system.
These were punitive measures taken because Turkey refuses to pardon an American priest residing in Turkey, Andrew Brunson. He was arrested in October 2016 in the aftermath of the failed coup attempt against the Turkish government. He is accused of spying/attempting to overthrow the government/being a member of the Islamic Gülen movement, and his trial was described by a rights activist as a "farce".
The Turkish finance minister, Berat Albayrak (Erdoğan's son-in-law) said that the impact on the economy would be "limited", but the charts tell a different story:
The crash has had effects on other currencies and businesses worldwide; the euro, the Argentinian peso, South African rand, the Indian rupee and the Indonesian ringgit are all suffering, according to The Guardian.
Looking at two of Turkey's cryptocurrency exchanges, Koinim, and BTCturk, we can see major increases in use.
42 percent is not that much
Cøbra is the Twitter account of the co-owner of Bitcoin.org, which is the closest thing the world has to an official Bitcoin website. 42 percent is not such a drastic change, but his comment on Bitcoin replacing fiat currency is the reason that crypto fans get so excited when a crisis happens:
An Istanbul-based Marketing professional (pseudonym Bitmov) told CoinDesk:
"I started personally trading crypto 1.5 years ago because of the weakness of the Turkish lira, and fear of the political, and financial, status of the Turkish government. Cryptocurrency makes me feel much safer...If your national currency is falling like this ... or you don't trust centralized currencies and banks, what can you do? You should be your own bank, and I'm sure people all around the world will realize that soon."
In reality, the price of Bitcoin has actually lost more value than the lira since 2017. The fact that this loss has come in tandem with the increased interest and involvement of financial institutions is perhaps a point that could be discussed.
What seems clear from the heated discussions that this crisis has inspired is that the idea behind cryptocurrency, the promise of financial independence from central governments, is still held by many.
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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