When Bitcoin Meets State Diplomacy
In a surprising twist of fate, Bitcoin (BTC) seemed more like a wallflower at a high-profile diplomatic ball than the star of the show. During a recent government visit, Turkish President Recep Tayyip Erdoğan welcomed his Salvadoran counterpart Nayib Bukele, but if you were waiting for a Bitcoin toast, you might as well have stayed home.
Deals Over Digital Currency
As they lined up for an official ceremony, the two leaders were busy making serious moves. They inaugurated a shiny new Salvadoran embassy and shook hands over six agreements. These deals didn’t shy away from ambitious goals; they aimed to boost the trade volume between Turkey and El Salvador to a whopping $500 million within the next five years, a significant leap from just $27 million in 2020 to nearly $50 million in 2021.
The Great Bitcoin Hype Machine
Despite keen observers hoping for a Bitcoin breakthrough, the cryptocurrency was barely mentioned. Media outlets waited eagerly for that pivotal moment when Bukele would try to usher Bitcoin into Turkey—a moment that didn’t come. Yet, Twitter propped up a dramatic subplot as rumors took flight, spun by fabricated accounts that imitated well-known handlers in the crypto world. A humdinger announcement claimed Turkey would accept Bitcoin as legal tender by February 2022. Spoiler alert: it was fake news of epic proportions!
The Aftermath of Fake News
Once the dust settled from the whirlwind of misinformation, Bitcoin bulls flexed their muscles, pushing prices close to $43,000. Alas, it was short-lived glory as the inevitable drop took Bitcoin back to around $38,000. Some analysts speculated whether there was any confidential Bitcoin discussion happening behind those closed doors, especially as the Turkish lira continued to struggle.
Can Bukele Change the Narrative?
Although the official discussions around the delicate Turkish economy seemed standoffish regarding Bitcoin, one can’t help but think of the potential. If the ruling party can take meetings in the metaverse, who knows what could happen next? Bitcoin may not have made the headlines, but as history shows, in the world of finance, anything can change with a single economic handshake.
