Bukele's Bitcoin Is Not What Turkey Needs

Bukele's Bitcoin Is Not What Turkey Needs
Salvadoran President Nayib Bukele met with Turkish President Recep Tayyip Erdoğan on Thursday in what was reportedly the first executive summit between the two countries. Despite dropping hints ahead of the meeting, Bukele reportedly didn’t talk to Erdogan about El Salvador’s best-known domestic policy: national Bitcoin adoption.That’s likely just as well, because bitcoin isn’t a meaningful solution for Turkey’s monetary woes. The reasons for this are complex and highlight the rising need to understand bitcoin not just on its own terms, but as a novel force disrupting an established global monetary system, which already has its own arcane dynamics.This article…