Does 50% Decline in the Turkish Lira Prove Bitcoin is Better Than Fiat?
The Turkish lira has fallen by 50 percent since September 2017, from $0.3 USD to $0.15 USD. While Bitcoin has fallen more than the lira in the past 12 months, investors of Bitcoin still are capable to withdraw and cash out their investments in crypto.Strict Capital ControlsCurrently, the price of the Turkish lira against the US dollar is hovering at around $0.15. But, similar to the Venezuelan bolivar, the value of the lira is difficult to justify given that as of now, it is not possible for merchants, businesses, and individuals to exchange their holdings in lira to other foreign currencies.The value of an asset and currency is subjective and as a currency, the value of the lira is largely affected by its capability of operating as a medium of exchange. If the lira cannot be exchanged to other foreign currencies, not only is it hard to justify the value of
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