The global acceptance of bitcoin – even in Turkey?
Ric’s new book The Truth About Crypto will be published in several languages
Ric Edelman: You know, my new book, The Truth About Crypto, is being published in May. You can order your copy now at Amazon, Barnes Noble, your favorite bookseller. I encourage you to go to local bookstores and support your local economies. I encourage you to order your copy now, The Truth About Crypto. And my publisher, Simon and Schuster, is very busy securing rights for having the book published all around the world.
And guess what country just signed on? My book, The Truth About Crypto is going to be published in Turkey. Now, hang on before you laugh. Turkey? Really? I mean, I know that it's going to be published in Japan. Japan is a first world nation. Japan's got a huge economy. Makes perfect sense that a book about money, even crypto money, would be of great interest to Japanese. But Turkey? Of course it should come as no surprise to you. Turks love crypto.
With the currency floundering and inflation soaring, crypto is taking off
Why? Because the economy in Turkey is terrible, despite the fact that the government has tried to ban crypto. They haven't succeeded, despite the fact that last year some very big crypto exchanges collapsed in Turkey. Turks still love crypto. Why? Because the lira, which is the currency in Turkey, the lira is floundering, and inflation is soaring. The inflation rate in Turkey is 36%. It's a 20 year high. Imagine this. The cost of a loaf of bread doubles every three months. This is astonishing rate of inflation. And now Turks realize they can move their lira to bitcoin, which is an inflation-proof digital currency. In fact, in Turkey now, there are actually retail stores that let you exchange lira for bitcoin. You actually walk into a store, hand them lira, and they provide you a bitcoin wallet.
They're doing as many as a million transactions a day. One exchange in Turkey has 5 million users. Back in 2020, their trading volume was 20 million a day. They're now trading 500 million a day. The total population of Turkey is 84 million people. 14 million of them own bitcoin, 17% of the entire country. Turkey is one of the most crypto focused nations in the world, and therefore it's no surprise that a book publisher in Turkey wants to reprint my book in their native land. I'm very excited that The Truth About Crypto will be now published in Turkey.
Ric Edelman: You of course can get your copy in English. Just buy it at Amazon, Barnes & Noble or your favorite bookseller. And yes, there's an equal amount of attention for my new book here in the United States. The Investment Advisors Association is excerpting Chapter 21 of my book. It's a chapter on operations and compliance. Ordinary readers aren't going to care very much about it, but financial advisors and financial executives care a whole lot. So the Investment Advisors Association is publishing an excerpt from The Truth About Crypto for the members of their organization. I'm very excited about the upcoming release of The Truth About Crypto. Order your copy now at your favorite bookseller.