Turkey bans Bitcoin/Crypto, big deal or not so much? (Hint: Not so much...)

in GEMSlast month

Turkey chose to turn its back on Bitcoin and Crypto today announcing a ban by the end of the month...

The news out of Turkey this morning was not the kind of news one likes to wake up to...

Another country taking a very hard stance against bitcoin and crypto...

While this may sound bad on the surface, it's not the end of the world for several reasons.

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(Source: https://twitter.com/BTC_Archive/status/1382994063268356108)

The first reason it's not so bad is because these things can always be reversed.

We saw China ban bitcoin and then reverse course 376 times over the last decade or so...

And the more important reason this may not be the end of the world is because Turkey only banned bitcoin and crypto payments, not trading or speculating.

Turkish citizens can still buy and hold bitcoin as a store of value.

They just made it illegal to use crypto as a means of payment.

While this hurts a lot of use cases, it doesn't kill bitcoin/crypto in the country.

image.png

(Source: https://twitter.com/BTC_Archive/status/1383057191792414720)

This move was made as their currency has lost tremendous value over the last few years...

It would not be a surprise to see other countries take this stance as well, until they are eventually forced to reverse it.

Onwards and upwards!

Stay informed my friends.

-Doc

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It is not important for Turkish people. We can buy and sell crypto on exchanges. It is an arrangement for crypto tax in Turkey. Crypto Tax will come in Summer in Turkey.