In an interview with Brian Armstrong, the Chief Executive Officer of crypto exchange firm, Coinbase, the CEO talked about the way forward of the cryptocurrency world and the potentials that digital currencies have. Armstrong stated that the future of the virtual currency is secure, he also noted that economic crisis affecting most countries would force most of them to delve into the digital currency sector. He stated that:
“Countries going through economic crisis and pockets of people in those areas are getting interested [in crypto]. There is interest among those people with the highest pain point in having stable currency […] In the next three-five years countries going through economic crisis could see people organically adopting crypto as an alternative.”
The Recent Happening in Turkey
Consequent upon the economic sanctions placed by the Donald Trump-led administration on Turkey, the country’s official currency and other financial activities have experienced an adversely affect. This state of economic crisis has left citizens with little or no option than to advance towards the cryptocurrency to survive.
A Measure For Economic Survival
The principal actors in the country’s economy have started to look for an alternative in order to stay economically fit, an offer Bitcoin makes. The country’s exchange has also benefitted from the situation as the largest exchange in the nation recorded a 63% increase in the volume of Bitcoin traded. The activities of Bitcoin in the country shot the price up, as the coin now trades at about $7000.
The regulatory team of the economy is currently deliberating about how to keep the economy of the country on its feet regardless of the sanctions as Turkey is not ready to bow to the pressure from the American government. However, the country still has a double mind about the digital currency, analysts have stated that Turkey might soon succumb to the temptations of cryptocurrency if other alternatives fail.
Regarding blockchain technology, it was reported that Turkey recently made a significant step by constructing a university blockchain and innovation center in other to suitably explore and adopt the applications of blockchain technology in various sectors of the country.