They are already bouncing between 50%-90% inflation, are in a precarious energy situation, have huge debt payments due, and Erdogan foolishly scheduled contentious elections for this May, the outcomes critical for NATO. Now you add in monster earthquakes (remember they are log-scale, so an 8 is 10x stronger than a 7) that will cost hundreds of billions. I believe Turkey can become destabilized this summer, send a wave of immigration into Western Europe, and be a place China/Russia try moving on aggressively in various ways. Conclusion: bitcoin is the capital flight release valve and I'll be watching BTC DEX's closely to see if Turkey starts spiking volume
10 sats \ 0 replies \ @siggy47 6 Feb 2023
I have a friend who lives just outside Istanbul. He's been struggling financially the last few years. This can only make things a lot worse.
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