{"id":6272,"date":"2022-01-25T08:26:44","date_gmt":"2022-01-25T08:26:44","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/25\/turkey-has-taken-on-the-digital-future\/"},"modified":"2022-01-25T08:26:44","modified_gmt":"2022-01-25T08:26:44","slug":"turkey-has-taken-on-the-digital-future","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/01\/25\/turkey-has-taken-on-the-digital-future\/","title":{"rendered":"Turkey Has Taken On The Digital Future"},"content":{"rendered":"

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Turkey has been quietly digitizing itself despite the economy going through high inflation- along with the volatility of the lira which could correlate with Bitcoin. During the last quarter of 2021, the TRY\/USD exchange rate<\/a> went on to crash from 9 to 18.5 liras per dollar in the six weeks which led up to mid-December before it strengthened itself to as high as 10 liras- then falling back to 13.87 liras at the time it was reported.<\/span><\/p>\n

Turkey Has Paved The Way For Digitization<\/b><\/span><\/h2>\n

\u00a0The volatility of the Lira does seem to stem from a very contrarian interest rate which has been made by the President of Turkey, Recep Tayyip Erdogan- which comes amidst high inflation and against the advice provided by central bankers.<\/span><\/p>\n

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High inflation usually tends to devalue drive and cash investors- which include major institutional and professional investors alongside some of the major top hedge fund managers like George Soros- which would allow the investing of money in cryptocurrencies. With the rate of inflation soaring above 20%, the news editor at Cointelegraph, Erhan Kahraman, stated that Bitcoin usage in the country has gone up elevenfold.<\/span><\/p>\n

This is why it was quite unexpected when the entire market for cryptocurrency went on to crash during the first week of trading in 2022, as a result of which Bitcoin and Ether- which rose 100% and 300% during 2021 respectively- entered the bear market territory. The crash was then blamed on a combination of three events- one which could definitely impact Turkey.\u00a0<\/span><\/p>\n

One of the reasons for the crash<\/a> could be the anti-government riots in Kazakhstan, the second-largest Bitcoin mining hub in the world, which led to the government of the country being sacked and several internet services being shut down- something that would lead to the production of cryptocurrency in Turkey falling under the zone of resistance.\u00a0<\/span><\/p>\n<\/div>\n