El Salvador’s President Bukele Meets the President of Turkey to Discuss Bitcoin

El Salvador’s leader and staunch Bitcoin advocate Nayib Bukele traveled to Ankara, Turkey’s capital city, to meet with Turkish President Recep Tayyip Erdogan. The meeting could impact how Turkey’s government views cryptocurrencies.

The two countries have historically had very different stances on cryptocurrencies; last year, El Salvador adopted Bitcoin as a national currency, while Turkey banned crypto payments altogether.

El Salvador is planning to raise $1 billion in Bitcoin bonds this year and, according to WSJ, “analysts expect Mr. Bukele to advocate for the use of crypto during the meeting, which comes during a period of turbulence in the Turkish economy.”

Turkey is currently suffering from inflation and a currency crisis. The Turkish lira lost 40% of its value against the dollar over the past year, marking significant financial instability in the country. This in turn led to Turks becoming highly interested and invested in cryptocurrencies. However, the meeting of Bukele and Erdogan will not exclusively involve cryptocurrencies.

“El Salvador has explored opportunities for Turkish firms to invest in El Salvador, specifically in energy and tourism, setting out the advantages of the coastal strategy known as Surf City,”

the Salvadoran government said in a statement, as reported by Reuters.

The meeting between the two country’s leaders is set to take place between Thursday 20th and Friday 21st, although Twitter users have already posted rumors about Turkey buying over $152 million worth of Bitcoin.

On the Flipside

  • Experts believe that the Turkish lira will continue its downtrend due to high inflation, and thus Turks will continue guarding and exchanging their money into foreign currencies, gold, crypto, and other assets. 

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