Even though bitcoin is crashing, it is gaining ground in several places.
One of those places being Turkey.
After the US slapped a fresh round of sanctions on Turkey for continuing to hold an American Pastor in custody, the lira tanked hard.
How hard you might ask?
In the last week alone, the lira has fallen by 27% against the dollar.
How about in cryptocurrency terms?
In cryptocurrency terms, the bitcoin/lira pair has now reached its highest levels in over 7 months:
(Source: https://www.coindesk.com/bitcoin-price-hits-7-month-high-against-turkish-lira/)
That might not sound like a big deal, but when bitcoin is falling seemingly every week for the past 7 months, yet it is gaining sharply against a fiat currency...
That tells you what kind of trouble the lira is in currently.
In fact, if you go back one year, the lira is down close to 80% against the dollar.
80%!
That is just in the last year. If you zoom out more, it gets even worse.
And we thought the bitcoin price action has been bad over the past 8 months or so...
It's not ETF or bust for bitcoin!
As I mentioned in my post yesterday, bitcoin may not need an ETF. All it needs is a currency crisis here or there and it will catch a bid.
More about that can be found here:
https://steemit.com/bitcoin/@jrcornel/will-a-currency-crisis-be-the-next-catalyst-for-bitcoin
Why am I so certain?
Because it has happened several times before!
Check out the price action of bitcoin during times of turmoil:
(Source:
)https://twitter.com/BKBrianKelly/status/1027960904892264448
- BKBrianKelly
For anyone selling bitcoin at $6k, keep in mind that a currency crisis and an ETF are both likely right around the corner...
Do you want to be selling with that kind of catalyst potentially coming at any time?!
Stay informed my friends.
Image Source:
https://www.123rf.com/photo_97025150_bitcoin-and-pocket-watch-on-turkish-lira.html
Follow me: @jrcornel