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Bitcoin and cryptocurrencies have gained a different meaning in the eyes of investors today. Despite the industry’s wrong developments, Nakamoto, who did not believe that the current financial system could survive for a long time, may change the future with Bitcoin, which he laid a very strong foundation for.
Prof. Ozgur Demirtas, closely followed by investors in Turkey, has gained popularity especially due to his comments on inflation. His predictions and comments about the future are significant because he is an expert in his field. Two days ago, Demirtas, who made comments on the current reserve currency definition and future predictions on his social media account, said the following:
“The US Dollar is not as powerful as it used to be. Eventually, the status of Reserve Currency will weaken. But it won’t happen this week. It will take a very long time. And when it loses its Reserve Currency status, it will not be replaced by the currency of a country ruled by dictators. What I wish for is a currency that is ownerless and decentralized…”
The last part of this post, especially with the adjectives “ownerless and decentralized,” points to Bitcoin. Demirtas had positive comments about the king of cryptocurrencies many times before.
BRICS and Bitcoin (BTC)
The Eastern Bloc is now fed up with dollarization, and this situation also negatively affects European countries. The dependence on the dollar has led to a multiplied impact of increasing inflation in regions outside the US. Inflation is still much higher in most Western countries than in the US, and the appreciation of the dollar has a significant share in this.
As the reserve currency today and probably for a long time, we will see that the dollar will maintain its throne. As long as the US does not lose these military and political powers, the dollar will also maintain its dominant position in the economy.
Let’s open a small parenthesis.Ozgur Demirtas expects a 500bp increase for the CBRT interest rate decision to be announced today. If the increase does not come at the expected level, he shared his concerns with his followers that the increase in exchange rates may continue.
“The Market Expectation is a 500 basis point increase. But my fear and expectation is that the increase will be BELOW EXPECTATIONS.”
The Eastern Bloc and South Africa have different plans. They are probably looking for ways to create a common reserve currency based on gold. The problem is that the value of gold is also determined in relation to the dollar worldwide. Therefore, it is not very logical/possible for a new currency to diverge from the dollar and be successful. Indeed, Ozgur Demirtas’s comment “the currency of a country ruled by dictators” can also be interpreted as not seeing a future for BRICS. The most powerful alternative supported by Russia, China, and others in BRICS is Bitcoin.
If we reach the days when there is a currency indexed to Bitcoin or when Bitcoin is directly used as a currency, it will be the beginning of a new era. Will Bitcoin, which already fits the definition of a store of value, be able to achieve its goal? We will live and see together if we live long enough.
