Turkish Tribal War Against Bitcoin

Turkish President Recep Tayyip Erdoğan said, “We are in a war against cryptocurrencies,” on September 18, 2021. Merriam-Webster defines war as “a state or period of fighting between countries or groups.” I am guessing that the war Erdoğan mentions here is a war between Erdoğan’s tribe and Bitcoin, as the citizens of the country are embracing bitcoin more than ever. On January 15, 2021, the number of people investing in the Turkish Stock Market went past 2 million for the first time. By April 24, 2021, there were more than 5 million users registered to the two biggest Turkish bitcoin exchanges. One would wonder how a 12-year-old technology manages to attract more people than the Istanbul Stock Exchange that has been active since 1985 with the full support of government institutes. The answer lies in the Turkish lira and the reputation of the central banking system of Turkey.