Will Cryptocurrencies Shatter The Monopoly Governments Have On The Creation Of Money?

Will Cryptocurrencies Shatter The Monopoly Governments Have On The Creation Of Money?

If you want to see the future of cryptocurrencies, look at Turkey. Its currency, the lira, is plunging in value, down 40% against the dollar since September. The official inflation rate—which the Turks don’t trust—is 36% and rising. That’s why desperate people there are diving into cryptocurrencies. Bitcoin is highly volatile and has taken a hit recently, but Turkish buyers feel its long-term value is upward, as it has been since its inception.

People walk past a Bitcoin symbol displayed at the front of a Bitcoin Exchange office in Istanbul's famous Grand Bazaar on October 19, 2021 in Istanbul, Turkey. The number of cryptocurrency exchanges have increased across Istanbul as cryptocurrency investing continues to boom in Turkey. Many investors see cryptocurrency's growth as a shelter against inflation and the depreciating Lira. (Photo by Chris McGrath/Getty Images)