Bitcoin Hits All-Time Highs Against Turkish Lira As It Collapses

By Bitcoin 雜誌 - 2 年前 - 閱讀時間:2 分鐘

Bitcoin Hits All-Time Highs Against Turkish Lira As It Collapses

對於二十國集團 (G20) 國家來說,這是一個歷史性事件,土耳其里拉直線下跌,這說明了 bitcoin 樹籬。

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The Turkish lira has been in free fall after President Erdogan demanded the Central Bank of Turkey cut rates for a third consecutive month from 19% to 15%. The Turkish lira against the  U.S. dollar has been weakening over the past decade, but yesterday the currency saw rapid deceleration losing over 10% of its value in one day hitting an all-time low. It’s a historic event for a G20 country. 

來源:TradingView 來源:TradingView

What makes the economic situation worse is that Turkey’s Consumer Price Index has been accelerating over the last two years, now well above its central bank’s rate at 19.89%. With domestic inflation rising, real rates will collapse, incentivizing investment capital to flee for foreign investments. A collapsing currency will now only accelerate this trend of inflation and negative real rates as it’s not clear how Turkey can stabilize its currency without a lack of foreign exchange reserves to lean on.

Additionally, $13 billion in Turkish external debt is set to mature this month and next month. The repayments on the debt increases demand for foreign currencies, adding even more sell pressure to the Turkish lira. 

資源: FRED 資源: 彭博社

The president’s aim with lowering rates is to increase economic growth, decrease unemployment and spark more exports. Yet, it is the Turkish citizen who faces a severe decline of purchasing power at an unprecedented rate during a period of soaring prices and political instability.

隨著貨幣價值加速貶值, bitcoin 兌土耳其里拉創下歷史新高。 今年,與美元和黃金替代品相比,它被證明是表現最好的價值儲存手段。 資金將流向能夠維持當地購買力的資產, bitcoin 為正在發生的混亂類型提供準確的解決方案。 現在更大的問題是,“土耳其人民將如何應對?”

原始來源: Bitcoin 雜誌