Michael Saylor says Bitcoin is the best solution amid devaluation

Former MicroStrategy chief Michael Saylor sees Bitcoin as a solution for Turkey amid a devaluing national currency.

#Bitcoin represents the best solution for those struggling to survive in an economy with a collapsing currency like the Lira.

— Michael Saylor⚡️ (@saylor) June 9, 2023

“Bitcoin is the best solution for those fighting to survive in an economy with a collapsing currency like the Lira,” he wrote.

Saylor responded to economist Mohamed El-Erian’s tweet about Turkey’s economic problems. According to the latter, local authorities have less willingness and ability to intervene in market developments.

According to the Turkish Statistical Institute, annual inflation in May stood at 39.59%. An inflation research group, consisting of independent economists, estimated the figure at 109.01%.

In November 2022, Saylor saw in Bitcoin ‘hope’ for Lebanon, whose currency had fallen by 96% against the US dollar. At the time CNBC wrote that locals viewed cryptocurrencies as a lifeline. For some, mining replaced full-time work.

Michael Saylor is a well-known proponent of Bitcoin. He calls the first cryptocurrency the most trusted thing in a volatile world and a global reserve asset.

In May 2023, Saylor said that Bitcoin would help mitigate AI-generated cybersecurity threats, such as deepfakes.