How could the Chinese economic crisis impact Bitcoin and crypto?
Cointelegraph analyst and writer Marcel Pechman explains how China’s economic weakness and Turkey’s interest rate hikes could impact the cryptocurrency market. On the latest episode of Cointelegraph’s Macro Markets , analyst Marcel Pechman explores how Turkey’s recent interest rate increase might attract hundreds of millions of new crypto currency investors, and how China’s looming economic crisis could affect Bitcoin (BTC) and crypto globally. Turkey’s central bank has increased the interest rate by 6.5% to 15% in a dramatic attempt to fight inflation. The move comes as the local currency, the lira, dropped by 80% against the United States dollar in five years. According to Pechman, whether the U.S. dollar holds its dominant position as a global reserve currency doesn’t matter. Turkey and Argentina’s 70% inflation in 2022 are perfect examples of how decentralized cryptocurrencies might be the sole lifeguard for hundreds of millions — if not billions — of people who cannot save an...