- So the founder of MicroStrategy commented on hyperinflation in the country
- Turkish lira is rapidly depreciating
- For 1 USD, they are already asking for 23.62 LYRA
- At the same time, local authorities adhere to the course of tightening regulation of the cryptocurrency industry.
- Namely, digital assets could be a salvation for citizens
Earlier we reported that Turkey was literally overwhelmed by hyperinflation. At the end of the elections, the lira “dipped” by more than 20% against the dollar. And he keeps falling. Against this backdrop, locals are looking for alternatives, and Michael Saylor suggested one to them.
The founder of MicroStrategy commented on the publication of Mohamed A. El-Erian, a financial columnist and academic. That declared about the inability of the Turkish authorities to resist inflation due to scarce foreign exchange reserves.
As of June 9, the ratio of the lira-dollar was 23.48 to 1. At the time of writing, the Turkish national currency “dipped” even lower, to a level of 23.62.
There are several reasons that 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 post, Michael Saylor declaredthat Bitcoin is the best lifeline for people in an economy with a depreciating currency.
And ordinary citizens of Turkey are well aware of this. But the nuance here is that Erdogan strongly opposes the popularization of cryptocurrencies. His administration enforces “regulated” solutions in the form of e-Human and CBDC, but restricts the rest of the sector.
Including, perhaps, fearing an outflow of capital. At the same time, ordinary residents of Turkey are rapidly losing their savings.