Vice Prime Minister of Turkey: Bitcoin is the Largest Bubble in History!

December 13, 2017

Vice Prime Minister of Turkey: Bitcoin is the Largest Bubble in History!

"Speculations around Bitcoin made cryptocurrency the largest bubble in the history of the world's finances”, Turkish Deputy Prime Minister Mehmet Şimşek said. He wrote about this in his Twitter account.

In fact, Şimşek used to be the country's Finance Minister, he also worked as an economist for Merrill Lynch in London. Now he determines the economic policy of Turkey. Not so long ago Şimşek joined Bitcoin skeptics, as he wrote on his Twitter account. This was his reaction to a 17-fold increase in the value of the cryptocurrency in 2017.

"Bitcoin has surpassed tulipomania. This is the largest bubble in history. It is necessary to avoid speculation. Like a sudden rise, a sudden fall in Bitcoin's rate may occur, " Şimşek added.

It is noteworthy that the leading economists of Turkey have different opinions of the cryptocurrency. Last month, the head of the Central Bank of the country Murat Çetinkaya announced that cryptocurrency can help the country gain financial stability. He also mentioned that a working group was organized in the country to study cryptocurrencies. It included regulators, legislators and market participants. At the same time, the Turkish Financial Market Council forbade local brokers to trade in cryptocurrency.

Moreover, Turkey, like Venezuela, has problems with international transactions because of the various financial sanctions imposed on it in the global financial community. Thus, the creation of a national cryptocurrency may allow isolated countries to bypass the financial blockade.

 

 

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