Can Turkey eye on Venezuelan-type own cryptocurrency or opt interest manipulation?

Very recently, Turkey’s lira has remarkably collapsed to flash headlines across the world, and with countries such as Venezuela looking to cryptocurrencies as an alternative store of value, could bitcoin offer a solution to market volatility? 

Yes, Venezuela is also currently in a similar situation, where the hyperinflation of the bolivar has caused a significant surge in crypto volumes, and merchants are even accepting any of the top 14 cryptocurrencies as payment.

The member of Venezuela’s National Constituent Assembly, Mr. Hermann Escarra, has informed in an interview with Reuters about the assembly’s ideas for cryptocurrencies. While the digital currency named “the petro” has already been unveiled by the Venezuelan government in the beginning pf this year that is said to be a cryptocurrency backed by the oil reserves in the region. And, Venezuelan president, Nikolas Maduro clarified that the government would back each petro with an actual barrel of Venezuelan oil in order to allure credible investors. 

The co-founder and Head of UX & Design at blockchain-powered loyalty ecosystemqiibee, Gianluca Giancola, says: “we have witnessed a crisis of confidence unfold in Turkey as threats lingering the financial and political situation rumble on, in the recent times. As a result, sceptics have been looking for alternative mediums of exchange such as cryptocurrencies.

As the Turkish currency continues to tumble and makes record lows day-by-day, mainstream movement towards people investing in digital assets can be expected. 

While the trade wars and economic crises around the world have impacted the public’s confidence in fiat currency, which could lead to an increased interest in crypto. In Turkey, where trading in crypto is relatively easy compared to other jurisdictions, this seems to be a very likely scenario.”

Nicolas Gilot, Co-CEO of blockchain-powered gaming distribution platformUltrasays:

“Cryptocurrencies have become increasingly popular in countries such as Venezuela, where the local economy is in turmoil and the currency is struggling. Bitcoin has now become a store of value, and many recognize it as digital gold instead of a payment system. As the lira’s crisis deepens, Turkey’s crumbling economy could also turn to bitcoin in its hour of need as it offers an alternative solution to hyperinflation and a collapsing currency.”

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -111 levels (which is bearish), while hourly USD spot index was at 49 (bullish) while articulating (at 07:11 GMT). For more details on the index, please refer below weblink:

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