Bitcoin is hope for Turkey: Michael Saylor

Bitcoin is hope for Turkey: Michael Saylor 5

The current situation of Turkey’ Lira is getting down against the US dollar. In this situation, Microstrategy Saylor suggested Bitcoin as a hope. 

In the present time inflation is a big issue for all the big businesses, who are aware of such things. However, after the COVID 19 pandemic, policies of the US Federal Reserve caught the attention of almost every financial expert against inflation. The situation in Turkey is also not pleasant. 

According to the WSJ, the value of Turkey’ Lira is down by 15% over the US dollar. 

Bitcoin is hope for Turkey: Michael Saylor 4

This dump in the value of Turkey’ Lira is an all-time big crash in the last 8 months against the dollar. 

Under the ruling pressure of the Recep Tayyip- Turkey President- the central bank slashed its policy rate by 100 basis points to 15%. 

One of the people standing in the market showed his unpleasant thinking on this measurable condition of inflation and unfair economy of Turkey and said 

“We don’t deserve this as a nation. People are struggling to buy food as inflation has soared nearly 50%. In comparison, U.S. prices are up about 6%”

On this concern, by quoting the article of WSJ on Turkey, Micheal Saylor– CEO of Microstrategy- shared his stance and said that Bitcoin is the only hope for them. 

Michael noted that, after March of this year, the value of the Lira declined by around ⅓ and this is measurable. And also said that they can convert TRY to USD to stop the crash. But besides this, they can reverse the loss with Bitcoin adoption.

Well here, it was Michael’s advice but it will be interesting if Turkey will consider the advice of the  Microstrategy CEO to maintain the value of Turkey’s Lira. 

Read also: Fed Res Governor says crypto has zero value