ETF’s Won’t Make Bitcoin, Failing FIATs Will
‘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.
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