- Bitcoin is unaffected by inflation due to its limited number of 21 million coins.
- Saylor shows his confidence that Bitcoin may be the best option for the people of Turkey.
Currency devaluation and inflationary pressures are only two of the major threats to the Turkish economy in recent years. Despite these setbacks, Bitcoin has managed to garner the interest of influential people like MicroStrategy’s CEO Michael Saylor.
To preserve the faltering Turkish regional currencies, he suggests using digital currencies like Bitcoin. Egyptian-American economist and businessman Mohamed El-Erian tweeted about difficulties facing the Turkish Lira. And the government’s limited capacity to act in the markets to strengthen the currency.
Positive Outlook on Bitcoin
Michael Saylor said that Bitcoin is the greatest option for those in countries whose currencies are rapidly depreciating, such as the Lira. Saylor’s tweet in reaction to Mohamed El-Erian’s remark on the Turkish Lira reveals his positive outlook on the currency.
Saylor, a Bitcoin proponent, thinks that the Turkish Lira and other conventional fiat currencies are vulnerable to inflation. Owing to factors including government policy and economic instability. However, Bitcoin is unaffected by inflation due to its limited number of 21 million coins.
“#Bitcoin represents the best solution for those struggling to survive in an economy with a collapsing currency like the Lira.”
Saylor shows his confidence that Bitcoin may be an option for consumers and companies in nations with weak currencies by addressing El-Erian personally. Crypto fraudsters and hackers in the digital economy are responsible for an estimated $429.7 million, as stated by CertiK in May.
Perhaps accepting Bitcoin as legal cash is the answer. But doing so highlights the need of understanding Bitcoin and other digital assets’ limits. Before using them to solve complicated social and economic problems.
One of the renowned nations to accept Bitcoin as legal tender in El Salvador. It was revealed on Monday that a public-private partnership in El Salvador, named Volcano Energy, will invest $1 billion to build one of the world’s biggest Bitcoin mining farms.