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BTC · 3w

Are central banks trying to do damage control to avoid bitcoin being used as a hedge against their currency inflation?

I have read about the Turkish Central Bank banning bitcoin because people there were storing their assets in the cryptocurrency. The lira is experiencing volatile inflation rates. In December 2017 $1 USD = 3.79 lira but today $ 1 USD = 8.77 lira. In countries like Venezula, the Bolivar has experienced hyperinflation. Today $ 1 USD = 3,179,435.00 Bolivar. Unlike other countries, Venezuela has actually embraced bitcoin because their national currency is worthless. Countries like China are trying to restrict bitcoin through crackdowns, though it is not illegal to possess it. They consider converting the yuan to bitcoin money laundering which is a criminal charge that can land people in prison. They are actually all in for blockchain technology, but only a central banked coin issued by the CCP. In this worldwide recession with rising inflation rates, its understandable why ppl are putting their money away into crypto, but the reality is that central banks are being threatened. They will try to influence the markets with the hope of bitcoin crashing.
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