RATE Group | Emerging Markets Create Illusion of Bitcoin as a Global Currency
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Emerging Markets Create Illusion of Bitcoin as a Global Currency

09 Sep Emerging Markets Create Illusion of Bitcoin as a Global Currency

Posted at 09:10h in Bitcoin News by

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Many investors hoped Bitcoin’s price would rally as pressure increases on emerging market currencies like the Turkish Lira. Instead, Bitcoin is following the downward trend of these currencies.

Economist Panos Mourdoukoutas, writing for Forbes, describes the prospect of Bitcoin replacing national currencies as a myth.

Bitcoin Following Trend Set by Turkey and Argentina

Mourdoukoutas believes that Bitcoin (BTC) 00 is following the crash of emerging market currencies like those in countries like Turkey and Argentina. These countries have massive US dollar debts, and their home investors are seeking new opportunities to protect their wealth. Instead of looking to Bitcoin and other cryptocurrencies as a new investment vehicle as some might expect, these investors are looking elsewhere. This includes traditional investment opportunity of gold.

Strangely enough, Bitcoin’s performance is currently mirroring the historic performance of gold as an asset.

Argentina

Unlikely to Change

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