ETF’s Won’t Make Bitcoin, Failing FIATs Will
Aug 14, 2018
‘Cobra’ the co-owner of Bitcoin.org has published a tweet that suggests Bitcoin.org has seen a 42% increase in web traffic from users in and around Turkey. This, in turn coincides with the recent collapse of the Turkish Lira, a currency that now sits next to the US Dollar at $0.14 per Lira, compared to $0.28 per Lira a year ago.
In the tweet, Cobra states:
“There’s been a MASSIVE 42% increase in visitors to http://Bitcoin.org from Istanbul as the Turkish Lira plummets. This is how Bitcoin takes over the world, not through ETF’s and “HODL”, but through replacing fiat currencies as they fall apart!”
Why is this important?
Well, we have to assess what is happening in Turkey, in order to understand why people in Turkey are suddenly starting to research Bitcoin. It’s a simple notion - the local currency is crashing and people’s money is worth very little. This will impact spending nationwide and will contribute to an economic crisis. Therefore citizens will turn to new and innovative investments in order to secure their money. They have heard of ‘Bitcoin’ so now want to find out more about it. By doing research, web traffic increases and thus, evidence of a new rise in curiosity surrounding Bitcoin surfaces.
We are most interested in this idea that what we see in Turkey is an example of how Bitcoin will hit the mainstream. Cobra seems to suggest that Bitcoin isn’t going to become big through ETFs, or through HODLing and wise investment. Instead, Bitcoin will become big through empowering people within a broken financial system. It’s a powerful way of looking at Bitcoin and also resonates heavily with the entire ethos of Bitcoin. It’s purpose was exactly for this.
Tie this in with the increase in trading volume at Turkish cryptocurrency exchanges and we have hard evidence to show that Bitcoin is becoming big in Turkey as a result of a financial crisis. Put this on a global scale and suddenly, Bitcoin becomes very important indeed.
We covered this story yesterday and discuss how Turkish exchanges are seeing a huge spike in user activity.
See more for yourself, here.
This is no coincidence, this is Bitcoin living for its purpose.
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