A Real Chance for a Change
The upcoming presidential elections in Turkey this weekend seem to be the most contested in over a decade, with Recep Erdogan facing a strong rival – Kemal Kilicdaroglu.
The shaking economic condition of the transcontinental nation during Erdogan’s reign could be another point used by the opposition. The inflation rate in Turkey is one of the highest in the world, while its official currency – the Turkish lira (TRY) – recently plunged to a record low against the US dollar.
Kilicdaroglu’s political view appears to be entirely different than Erdogan’s. He vowed to bring freedom and democracy to Turkey, saying that’s what the youth wants.
Besides standing as the preferred choice for the younger generations, the 74-year-old politician could win solid support from the Kurdish minority since the Peoples’ Democratic Party (HDP) would rather see him as president than Erdogan. According to a recent poll, Kilicdaroglu could secure around 49% of the vote on May 14, while Erdogan could collect 43%. Still, a candidate needs more than 50% to be elected, meaning a runoff could be on the cards.
War on BTC for Five More Years
Another major difference between Erdogan and his rival is their stance on cryptocurrencies. President Recep Erdogan stated in September 2021 that the government is at war with cryptocurrencies and has “absolutely no intention of embracing” them.
Turkey is also among the numerous countries which have not imposed comprehensive supervision on the digital asset sector. Despite Erdogan’s hostile stance on crypto and the chaotic regulatory environment, the Turks have shown an increasing appetite for digital assets. However, it remains doubtful (given his controversial views) that the current president will change his position on the matter and give crypto his blessing.
The Opposite Scenario
Kilicdaroglu’s potential win could significantly boost the domestic crypto industry since the candidate has vowed to let it thrive. He is also fond of Web3 technologies, saying:
“As soon as we come to power, we will lift the PayPal ban and expand Web3 platforms. Entrepreneurial ecosystems will be our main stakeholders. We will end the economic, scientific, and political interregnum in Turkey.
A country where our entrepreneurs and young people can exist freely is very close. We will do this with the brightest minds of the world and our country.”
Furthermore, Kilicdaroglu criticized the central bank’s decision to ban crypto as a payment method inside Turkey’s borders.
It is safe to assume that Turkish crypto enthusiasts would be among the voters of Kilicdaroglu this weekend.