Turkey Did Not Cause The Fall Of Bitcoin!
The screaming headline today: Bitcoin falls as Turkey bans cryptocurrency payments! But did Bitcoin stumble because of the Turkey government’s ban?
There are many causes for the fall in Bitcoin value on a Sunday. It shows two things: First, the Crypto world does not sleep as the classical stock markets do. Second, Bitcoin and cryptos are as volatile as ever.
However, sources are saying Bitcoin dipped because of leverage trading. People who were trading Bitcoin and other coins perhaps decided to sell-off.
It caused the fall of the online currency sending a sense of panic among crypto investors. Some diehard Bitcoin holders are calling it a bloody Sunday.
While Turkey’s central bank’s claim of excessive volatility and a lack of regulation as reasons for the ban, the statement bears nothing new.
It is a known fact to everyone who invests in Bitcoin and its baby coins called ‘Altcoins’ the cryptocurrency business is volatile. No need to talk about its ‘decentralised’ nature.
Central Banks and banks in general hate Bitcoin and Alts. They do not have any control over the cryptos. They can, however, impose radical and extreme measures to prevent people from buying into the cryptos. And that is what Turkey has done.
Some rich folks do not like Bitcoin altogether. It prevents them from remaining rich while others are poor. But no, Turkey did not cause Bitcoin to fall.
BITCOIN HERE TO STAY
Tesla Chief Executive Elon Musk said Americans could now buy a Tesla with bitcoin. He adds that people outside the U.S. would be able to do the same later this year. It is fantastic news since it kills the middlemen, the Banks!
No wonder bankers are trying to block the coins. They are going against those who are using Ripple for interbank transactions. They are wrong. Bitcoin and other ‘coins’ are here to stay.
There are no signs they will disappear just like they appeared, almost out of nowhere.
Unfortunately, some governments are pushing for laws that will ban cryptos. Turkey is not alone.
India is another country that is looking to take tough measures on digital assets. New Delhi plans a law banning cryptocurrencies and making trading or even holding assets punishable with a fine.
While this is ridiculous, the reality is the governments are getting more concerned about the power of Bitcoin el-al.