Turkish Lira Collapse Demonstrates Cryptocurrency and Bitcoin’s Future

<p>While cryptocurrency has been volatile recently, the collapse of a country's currency demonstrates what could happen to crypto in the future.</p> <p>While much of the world is wrapping up the holiday season and preparing for what we hope will be a better New Year, many households and financial market analysts have something in common: they are thinking about "turkey."</p> <p>Not only the turkey with all the trimmings appears to have been fired, but also the Turkish currency, according to those in the financial markets.</p> <p>The Turkish lira has lost up to 93.8 percent of its value when converted to US dollars since its January 2008 peak.</p> <p>The Turkish lira continues to depreciate against major currencies as President Recep Erdogan's government maintains pressure on its programme to keep interest rates low.</p> <p>Despite a decade of decline, the pound's value has accelerated in recent months. The pound has lost up to 55% of its value against the US dollar since the beginning of September.</p> <p>Some of those declines have been reversed in recent days as a result of Turkish government intervention, but the move should merely buy time rather than address the underlying causes of the pound's weakness.</p> <p>While there are a variety of reasons for the pound's continued decline, inflation has been the primary driver in recent months.</p> <p>This has been a difficult and trying time for the Turkish public, with many taking to the streets to express their frustration at the rapid devaluation of their currency.</p> <p>As inflation and currency devaluation continue to erode consumers' purchasing power in countries throughout the world, many are looking for alternatives to ensure their money retains its value.</p> <p>The cryptocurrency alternative</p> <p>In countries with relatively stable currencies, the prospect of investing in bitcoin, Ethereum, or another cryptocurrency may seem unappealing to many.</p> <p>Cryptocurrency's inherent volatility can be a game changer for some, with even the larges