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El Salvador’s President Bukele Meets the President of Turkey to Discuss Bitcoin -Breaking

by Mike Robinson

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El Salvador’s President Bukele Meets the President of Turkey to Discuss Bitcoin

El Salvador’s leader and advocate Nayib Bukele traveled to Ankara, the capital of Turkey, to meet the Turkish President Recep Tayyip Erdogan. The meeting could impact how Turkey’s government views cryptocurrencies.

These two countries had different views on crypto currencies: El Salvador adopted Bitcoin last year as its national currency. Turkey, however, banned cryptocurrency payments.

El Salvador is planning to raise $1 billion in Bitcoin bonds this year, and according to WSJ, “analysts expect Mr. Bukele to advocate for the use of crypto during the meeting, which comes during a period of turbulence in the Turkish economy.”

Turkey is currently experiencing currency and inflation crisis. Turkey’s currency crisis has seen the Turkish lira lose 40% of its value to the dollar over the past year. This made it possible for Turks to become very interested in crypto currencies and invest heavily. However, the meeting of Bukele and Erdogan doesn’t exclusively involve cryptocurrencies.

“El Salvador has explored opportunities for Turkish firms to invest in El Salvador, specifically in energy and tourism, setting out the advantages of the coastal strategy known as Surf City,”
According to Reuters, the Salvadoran government made a statement.

While the two countries leaders meet on Thursday, Twitter users (NYSE 🙂 already have rumours about Turkey purchasing Bitcoin in excess of $152 million.

The Flipside

  • Experts Take a look at these ideasDue to the high inflation rate, the Turkish Lira will fall further. Turks will also continue exchanging foreign currency, gold and crypto for their money.

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