Imagine Losing 8.5% of Your Wealth Overnight: Saylor Mocks Turkish Lira

• Turkish lira hits a record low, crashing by 27% this year.
• Pro-crypto Michael Saylor emphasized the value of Bitcoin over the Turkish lira.
• Twitter users share experiences of overnight losses and highlight Bitcoin’s volatility.

Michael Saylor, the chairman of MicroStrategy, took to Twitter to emphasize the value of Bitcoin (BTC) as the Turkish lira experienced a significant decline. Saylor’s tweet came in response to a report revealing that the lira had dropped 27% since the beginning of the year and an additional 8.5% since Thursday.

“Imagine losing 8.5% of your wealth overnight,” Saylor tweeted, adding, “TRY Bitcoin.”

Saylor’s tweet resonated with Twitter user Joe Nakamoto, who shared his experience of overnight losses with Bitcoin. Nakamoto jokingly said, “Bitcoin regularly drops 8.5% while I’m sleeping.”

Similarly, another Twitter user humorously acknowledged that Bitcoin’s price fluctuations had caused even more significant losses. “I can think of a few times where I ‘lost’ 50%+ of my wealth overnight holding Bitcoin,” the enthusiast remarked. 

However, he noted that such price declines only become a loss when sold.

Meanwhile, concerns about the state of the Turkish economy and its currency were raised. One individual noted that Turkey, as a G20 country, was staggering towards hyperinflation, a tragic situation for the nation and its people.

The commenter emphasized that countries with a debt-to-GDP ratio exceeding 100% were likely to face a similar fate, suggesting Bitcoin as a potential hedge against such circumstances. Recall that Turkey is among the countries with the largest adult population trading crypto, as Coin Edition disclosed late last year.

The Reuters report indicated that the Turkish lira hit a record low, declining 3.3% after dropping to 25.74 against the dollar, marking a 27.3% decline for the year following the central bank’s rate hike.