Former MicroStrategy CEO Michael Saylor believes Bitcoin is a solution for Turkey, whose national currency is depreciating.
According to him:
"Bitcoin represents the best solution for those struggling to survive in an economy with a collapsing currency like the Lira."
Saylor has responded to a tweet by economist Mohamed El-Erian about the economic problems in Turkey. According to the latter, local authorities have less desire and less opportunity to interfere in what is happening in the markets.
According to the Turkish Statistical Office, in May, annual inflation in the country amounted to 39.59%. The Inflation Research Group, made up of independent economists, put the figure at 109.01%.
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In November 2022, Saylor said Bitcoin was a "hope" for Lebanon, whose national currency had fallen 96% against the US dollar. Later, CNBC wrote that locals see cryptocurrencies as a "lifeline." For some of them, mining has replaced full-time work.