What should investors do now?
After the latest price implosion, cryptocurrencies look ready to take off again.
“People are keen to spend the money that they have saved during the pandemic on travel.”
Exactly 12 months ago today, inflation was running at only 1.1%, oil was still under $50 per barrel and Bitcoin was trading at $18,260. Virtually no one had been vaccinated against COVID-19, and even fewer people had ever heard of the word omicron – let alone knew that it is a letter in the Greek alphabet.
It’s December 2021, and the Turkish lira is near an all-time low against the U.S. dollar as President Recep Erdoğan continues to implement what The Wall Street Journal calls “unconventional economic policies.” Turkish households saw the value of the national currency plunge nearly 30% last month alone, making everything from food to fuel significantly more expensive for already-struggling families.
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