Research Say Turkey is Likely to Adopt Bitcoin

[Kargai]

Ok that statement is not really a surprise since all the countries in the world will probably adopt freely Bitcoin at one point. But what's great is that it's not only government & co who are turning to cryptos but also the usual lambda users and a political & financial "bad" decision for Turkey could turn in a big advantage.

Because yes recently they had been excluded by the US government from the world banking systems, and turning to digital currency could be a great move to avoid some of the problems linked with the initial problem.

The move of the USA will push Turkey to try to experience the benefits of digital currency more quickly than what they had done. That could push cryptos more than expected

Source : https://thecurrencyanalytics.com/2457/research-say-turkey-is-likely-to-adopt-bitcoin/

[wry]

This is a wonderful dream but I would be shocked if any country adopted bitcoin as their official currency even over the next 30 years.  Using something else as a currency makes countries have to give up the tool of monetary policy.  So even adopting something like the US dollar or gold is problematic.  Bitcoin is actually deflationary, only 21 million coins ever, and so would cause major issues.  Now maybe something like the Petro, but that was more of a scam coin I think than a serious effort for a country to adopt crypto as its official currency.

I do think BTC makes a lot of sense for the people in Turkey, Iran, Argentina, and Venezuela who are facing hyper inflation and being cut off from the USD dominated financial system.

[blueprints]

Its exciting seeing countries adopt bitcoin, the more the merrier. Imagine when all adopt bitcoin, bitcoin will never crash. Atleast in my opinion i would think it would be too strong to crash at that point.

[Kargai]

@wry fully adopt it will be hard indeed but my guess is they can accept and use it at least for a percentage of their transactions, to help easy the ban of the US government. But they will probably try some other things to help (like making deals in other currencies directly with countries like Russia or China without any implications of the world banking system). I don't have enough knowledge on economics to know if it's possible ^^