• Turkey’s upcoming presidential elections will feature two main candidates – Recep Erdogan and Kemal Kilicdaroglu – who have different views on Bitcoin and cryptocurrency.
• Erdogan has declared “war” on Bitcoin in 2021, while Kilicdaroglu is a proponent of cryptocurrencies and Web3.
• The election could have a pivotal role in the country’s future financial condition as well as the local cryptocurrency industry.
Turkey’s Presidential Elections
The presidential elections in Turkey on May 14th could shape the future of the country’s financial condition. Two leading candidates are running for office: Recep Tayyip Erdogan, the current political leader, and Kemal Kilicdaroglu, both with entirely different views on cryptocurrencies.
Erdogan vs. Kilicdaroglu
Recep Erdogan has declared „war“ on Bitcoin in 2021 and supported the central bank’s efforts to launch digital lira as an official currency of Turkey. On the other hand, Kemal Kilicdaroglu is a strong proponent of cryptocurrencies and Web3 technologies.
Economic Condition of Turkey
The economic condition of Turkey during Erdogan’s reign has been highly criticized by many people due to its high inflation rate and devaluation of its currency – Turkish Lira (TRY). This could be used by his opposition to gain more votes at this weekend’s election.
What Could Change?
If Kelicdaroglou wins this Saturday’s election, it is likely that crypto industry will benefit from his support for digital currencies and web 3 technologies as he might create a friendlier environment for them compared to Erdogan who opposes them strongly.
Turkey’s upcoming presidential elections could have an important role in deciding not only the future of politics but also its economy which is heavily influenced by its views towards cryptocurrencies like Bitcoin or digital lira created by its Central Bank. It remains to be seen if we can expect any changes after this weekend or if it will stay unchanged under Erdogan’s rule once again.