Bitcoin Crosses Half a Million TRY – Trustnodes

Bitcoin is back to above half a million in Turkey following a huge dip on May the 9th that sent it to just 350,000 liras on BtcTurk.

That’s amid galloping inflation at 73% as the central bank expands its balance sheet by close to 5x in just three years.

Commercial banks have expanded their balance sheet too from 4 trillion TRY to 10 trillion now in a huge increase of money printing through lending.

At the interest rate of 14%, such lending is very lucrative for banks. They may have thus completely reduced their criteria, printing like there’s no tomorrow.

And so you’d expect a significant bitcoin premium in Turkey, but there isn’t one because it would be arbitraged with the country too small to move the global price significantly by itself. Yet there is a discount of about $1,000.

However their biggest exchange, BtcTurk, is handling some $100 million a day in crypto volumes.

They buying Luna2 (lol) and even Luna classic has more volumes than bitcoin. They also like Shiba Inu. Because when you have so much money printed around, even a copy clone of a meme coin is a ‘good’ investment.

The question being whether this is coming to US. Not the inflation part because that’s just a temporary re-adjustment that will clear out once commodities are re-priced in line with the trillions printed in 2020, but the bitcoin prices.

According to the energy model, bitcoin may be halfway there in 2024, two years from now, as a price limit of 2% of global energy supply, currently at $100,000, doubles to $200,000 due to the halvenening.

We thought this limit would be a floor, but considering how price developed and just how difficult bitcoin is seemingly finding it to break the six figures resistance, it may turn out to be a ceiling as stated by Cyrus de la Rubia, the Chief Economist of the Hamburg Commercial Bank, who came up with this limit.

So we’re hopefully headed to Turkey and then maybe even to Russia where bitcoin is crossing two million rubles.