Crypto-currencies are the antidote for the economic crisis, which will take place in the near future, in a context in which national governments have issued another official statement regarding this phenomenon as a negative, but the more you can sense. The fall in the stock market before the holidays, the real estate boom, the rise in prices for food and commodities can be serious indices to consider if we are thinking about whether an economic crisis is possible or not and whether the rumors are true or are just conspiracy theories. Many countries in the world have experienced economic turbulence in terms of high inflation and falling monetary value. Some governments have even opted to print more money to solve the emerging economic crisis, which in turn has exacerbated the situation – currency devaluation. But the most optioned plan was investment in cryptocurrencies, which appears to have yielded positive results to most governments.
An eloquent example from the past is the pre-and post-Brexit period, when Britain saw a drop in the national currency, from $ 1.40/GBP to 1.30, which is called Hyper-devaluation. Then Bitcoin proved a saving solution, being a period of growth of cryptocurrency and an investment alternative to fiat currency. The Turkish Lira also traded at nearly 2 for 1 in parity with the US dollar in 2014. But in 2018, around 7 Turkish lira could be purchased for a US Dollar. Currently, the Turkish lira has recovered by a small margin, although this depreciation still persists, with parity at 5.5 against the US dollar.
Other concrete examples are also the zimbabwean dollar, the Venezuelan Bolivar and the Argentine peso, demonstrating that things are not going well for those governments and citizens. But with the upward trend recorded by Bitcoin (BTC) and other bullish cryptocurrencies since 2015, several economy ministers were planning to adopt the use of cryptocurrencies.
As a result of this depreciation, Turkey holds around 20% of all cryptocurrencies in circulation, but due to the high inflation rate of about 12% at the end of 2017, which many investors have had to turn their digital assets into cash, especially in Istanbul, the former capital of Turkey. President Erdogan has steadfastly refused to raise interest rates, which led, in turn, to the emergence of a group of Turkish investors, who have chosen the crypto-currencies as a safe haven for their money.
In crypto we trust!