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Here Is How Citizens of Turkey are Warming up to Bitcoin

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In a recent tweet a few days ago, Kim Dotcom had advised all of us to start stocking up on gold and cryptocurrency (eg Bitcoin (BTC)) – for the USD was at the cusp of a serious financial crisis. His advice was interpreted as meaning that we should look for alternative means of storing value as the future of the global fiat currencies looks uncertain. His exact words were as follows:

“Trust me. Buy crypto and gold. Your USD will become worthless. With US economic collapse all old money currencies will crash. Times will get tough. But you’ll be fine if you hedge some of your assets in preparation for the crash. The big crash is coming 100%.”

Turkish Financial Crisis

His words can be applied to the current situation in Turkey as its currency – the Lira – continues to be volatile due to increased political tensions in the country. On August 9th, the Lira dropped in value by a whopping 18% as many economists continued to theorize how its currency would get back to being stable and at a level seen before President Erdogan consolidated his power over the past months by amending the constitution. The US has imposed sanctions on the country thus adding to the financial uncertainty.

Referencing the words of Kim Dotcom, and to the Turkish Lira, it is only natural that the Citizens of Turkey have started researching on alternative ways of hedging against a volatile Lira. It is with such a theory that Twitter user @CobraBitcoin tweeted the following about Bitcoin.Org:

“There’s been a MASSIVE 42% increase in visitors to from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!”

Further investigating the claim, we find that in early August, the traffic to Bitcoin.org from Turkey stood at 11,485 visitors per day. On 14th of August, that number stood at 45,044 indicating a 292% increment in traffic from Turkey to Bitcoin.org.

Bitcoin.org traffic from Turkey. Source, semrush.com

Bitcoin As An Alternative to Fiat

With the increased interest in Bitcoin from the citizens of Turkey, we can see that BTC is an alternative store of value during periods of political turmoil that could lead to the crash of fiat currencies. It is, therefore, safe to also conclude that Bitcoin (BTC) is the Digital Gold of the 21st Century.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin about to drop to 4k, how will the market recover?

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It’s no secret that the cryptocurrency market (including Bitcoin) has been under a bearish run since last December 17th and it’s been going down steadily over the previous eleven months. But nobody was ready for the way in which the bears hit the market this November 14th.

It was just insane. The market capitalization for crypto went to its lowest point in a very short time. Bitcoin, which is crypto’s canary in a coal mine (so to speak) dropped below the 5k mark. It’s trading at $4,443 as we write this article and is expected to hit the 4k mark if things keep going in the same direction.

Can the trend change? Is there any good news to report? Any reason to be hopeful? The answers are: yes, yes, and yes.

The trend can and will change. We know this because drops as dramatic as the current one have already happened four times over the last ten years. Every time the market has bounced back to reach previously unexpected (allegedly impossible) heights.

About good news to report. There’s plenty. Blockchain projects like Ripple, Cardano, Stellar Lumens, Tron, and some others have reached impressive milestones this year. They are gaining adoption, becoming useful in the real world and securing strategic partnerships.

Also, even in the bearish climate, the crypto infrastructure has kept snowballing so you’ll be hard pressed to find any place in the world in which you…

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What’s Wrong with Crypto?

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Sponsored by Global Coin Report and ICOsuccess

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Hungry to see the charts bursting with green again?

The purpose of this very short survey is to get your thoughts on what is holding back our industry and collectively brainstorm ideas for turning it around.

We are looking to get a couple thousand responses over the next couple of weeks, and we’ll be sharing the aggregated results with you once we’re done!

Click below to do your share in bringing back a thriving crypto market!

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First crypto ETP gets approval from Switzerland, XRP takes a significant bite

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Bitcoin is currently at the lowest price it’s had in a year and, yet, confidence and interest among the traditional financial industry (which has been very skeptic since it all started) keeps growing at an unprecedented rate. Switzerland, the world’s quintessential banking country, has green-lighted the world’s first exchange-traded product tracking multiple cryptocurrencies.

It will be called Amun Crypto ETP and will go online next week on Zurich’s Six exchange. It’s designed to track five cryptocurrencies and to index their market performance. The five digital assets in question are Bitcoin, XRP, ETH, Bitcoin Cash, and Litecoin.

Having your tokens managed by Amun will set you back by 2.5%. It’s expected for Bitcoin to be responsible for about half of the trade, with XRP doing a quarter of business and the three remaining coins at smaller percentages.

The Swiss exchange parent company is Amun, a fintech company based in London and founded by Hany Rashwan. Mr. Rashwan assured to the press that the ETP is built to meet all the same standards valid in conventional exchange trade used by investors all over the world. Mr. Rashwan added,

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”

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