#BTC #Crypto #Turkey #cryptocurrency #Blockchain 

Today, I came across an article that summarizes the long-term depreciation of Turkey’s currency and its impact on cryptocurrencies. 

The article includes a detailed table outlining key events for each year, the exchange rate of the lira against the US dollar, and Bitcoin’s global price performance during those periods.

The discussion also extends to other countries facing currency crises, such as Venezuela and Argentina. In 2024, Venezuela’s inflation rate reached 60%, and its official cryptocurrency, the Petro, failed. As a result, cryptocurrencies have become a key remittance tool, accounting for 9% of the country’s total remittance volume of $5.4 billion. Meanwhile, Argentina’s inflation rate for 2023-2024 is projected to reach 276%, with cryptocurrency trading volume hitting $91.1 billion.

In many developed countries where we live, we benefit from stable monetary systems. The risk of bank runs and hyperinflation is significantly lower compared to countries in Latin America or Africa. As a result, the urgency of cryptocurrency adoption is less perceptible. However, for developing nations, stable and freely circulating cryptocurrencies have become a safe haven for assets.

Ultimately, the role of cryptocurrencies as a hedge and a medium of free exchange will gain more attention as global geopolitical instability and economic uncertainty continue to rise.

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#BTC #Crypto #Turkey #cryptocurrency #Blockchain