Max Keiser: Turks Will Turn to Bitcoin When Cash Becomes Useless
Turks are currently in the business of buying and storing cash in preparation for a recession. According to a forecast by S&P Ratings in 2018, a severe recession is about to hit Turkey in 2019.
In order to survive the terrible recession, Turks have bought and stored hard cash adding up to $20 billion. The Ratings company in 2019 in a report said:
“The downgrade reflects our expectation that the extreme volatility of the Turkish lira and the resulting projected sharp balance of payments adjustment will undermine Turkey’s economy, we forecast a recession next year.”
However, The host of Keiser Report and Co-Founder of Heisenberg Capital, Max Keiser says Turks will turn to Bitcoin when the era of cash goes away.
The Bitcoin bull and strong supporter who has predicted a price target of $100,000 for Bitcoin is optimistic that Bitcoin will soon replace cash as inflation swallows the world’ currencies including the U.S Dollar.
Although the Turkish Lira inflation has declined from a high 25% following a fall in its value against other currencies in 2018, the currency still recorded a 19.71% inflation in March this year, representing an increase of 0.4% from February’s 19.67%. If this increase continues for the rest of the year, the Lira may be back to the 2018 inflation rate.
#Bitcoin will become a factor for Turks as Hard Money becomes hard to come by. https://t.co/bD5iw2mLMs
— Max Keiser, tweet poet. (@maxkeiser) May 21, 2019
Meanwhile, other nations in Turkey’s situation have used Bitcoin to get out. Because of sanctions from the U.S and other international bodies, there are restrictions to international trade by these nations and so the last resort is to use something boundless like Bitcoin, and this has been a solution to Venezuela majorly so far.
With the current rate of adoption that Bitcoin is seeing, it may become a widely used currency with the added advantage that no one person can stop its use. This is why Max Keiser believes it will be the solution to Turkey’s woes and bring relief to the nation when the recession finally hits.
There is currently a prediction of a massive bull run to come, which Tom Lee among other analysts like Keiser believe it will be the biggest bull run yet. In fact, some say Bitcoin could hit $400,000 by 2021. If this happens then storing Bitcoin rather than hard cash may be a better choice as it will not only retain value but will grow with the bull market.
Max Keiser has doubled down on his $100,000 Bitcoin price by 2020 and believes bitcoin will eventually replace gold as a store of value. Do you believe this to be the case?