There is no need for an exchange-traded fund (ETF) to drive the price of bitcoin in Turkey. On the other hand, failing fiat currency will make the digital currency the most sought-after commodity. This is also quite evident when the co-owner of bitcoin.org, Cobra, pointed out that there is a big 42 percent increase in visitors’ traffic to the page of bitcoin.org in the country. However, this coincides with the recent sharp drop of the local fiat currency, i.e., Turkish Lira, which weakened 50 percent from the year-ago period.
Bitcoin Takes Over
In a tweet, Cobra said that Turkish Lira had plummeted to $0.14 from $0.28 a year ago and this boosted visitor’s traffic to the bitcoin.org web portal. He believes that this suggested as to how the digital coin has taken over the world. This would also mean that people in Turkey are not waiting for the ETF or HODL to lift the virtual asset price. On the other hand, it could replace fiat currencies in the country since they started to fall.
In any case, there should be an assessment as to not only what is happening in the country but also why people are focusing on researching bitcoin. The current atmosphere could indicate that the significant drop in domestic currency has resulted in the loss of value of money that people hold. Aside from that, it would also impact the nationwide spending besides contributing to an economic crisis in the domestic circuit, cryptodaily.co.uk reported.
In the event of the local currency’s sharp drop, people in Turkey will shift their attention towards innovative investments so that they secure their money. The citizens in the country have heard about bitcoin, and so they are keen on finding out more about the virtual asset. The research through the web provides proof of the curiosity among the people about the cryptocurrency. This could also be termed as an example of how bitcoin could enter the mainstream.
Cobra thinks that there is no need for ETFs to make bitcoin a big one. Similar is the case in respect of HODL. On the other hand, he believes that the digital currency could make it to big within the broken financial system. Therefore, he sees it as a powerful way of looking at the virtual asset with the entire ethos and the purpose behind it.
He wanted to tie the event with increasing trade volume in the digital currency exchanges in Turkey. Cobra believes that there is a strong proof to demonstrate that the cryptocurrency is aiming to become big in the country though it could be due to its financial crisis. At the same time, if the financial crisis happens on a global scale, he thinks that the digital currency will assume greater importance.
Though it might look like a possible thing, the supply of the coin is a key factor. In any case, this is not having any major impact on bitcoin price that traded below $6,000 mark on Tuesday. Cryptocurrency market is undergoing weakness for a variety of reasons.