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The Balance of Crypto and the declining Lire
Turkey is in its second week of financial turmoil . The value of the Lira fell 25 percent last month and crashed significantly against the dollar in 24 hours. The turbulence is mainly due to the imposition of US sanctions and a new constitutional order that concentrates more power on the president.
In an attempt to balance the currency decline, the central bank, the finance ministry and the banking regulation and supervision of the country the agency has placed measures to limit swaps between the Lira and the foreign currency. In light of these developments, citizens are acting trying to protect themselves from problems with cryptocurrency.
There was a 42% increase in visitors to https://t.co/OsFgRFRRZb from Istanbul while the Turkish lira plummets. This is how Bitcoin takes control of the world, not through ETF and "HODL", but replacing the fiat currencies when they disintegrate!
– Cøbra (@CobraBitcoin) 13 August 2018
Turkish banks now prevented by the conversion of the Lira into foreign currency. Local banks now prevent depositors from opening forex accounts. Lira down 9% against the USD this morning. Upcoming bank runs and contagion Spain / Italy. This is exactly why Satoshi created Bitcoin.
– Daniel Kelman (@kelmandacom) 13 August 2018
@ C3_Nik, a popular Twitter user who regularly comments and follows the development in cryptographic space, noted that an encrypted exchange in Turkey, Sistemcooin, rose in the rankings regarding the volume of CRP. He tweeted:
The citizens of Turkey are actually trading the lira with XRP and other crypt assets as a safe haven:
The Sistemcoin exchange is on site 16 out of 177 in terms of trading volume in #xrp which is truly remarkable! #xrp #crypto #turkey #lira #TRY pic.twitter.com/V1f36QNXhi
– C3 | Nik (@ C3_Nik) 13 August 2018
Another question that arises from this situation is whether XRP could end up being a global currency. Currently, it has volume in relation to circulation to support global demand. Currently there are 39.299 billion outstanding XRPs and the total offer is 99.99 billion. Comparatively, there are $ 1.67 trillion in circulation, which means that each XRP should be $ 42. Another point is that Ripple has collaborated with over 50 global central banks, thus increasing the possibility that XRP can be used as a global currency.
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