Interest in cryptocurrencies increased during the pandemic…

Faculty of Business and Management Sciences Faculty Member Assoc. Dr. Serhat Yüksel pointed out the rise in cryptocurrencies during the pandemic period and said, “Investors have preferred dollars and gold as safe havens since the first days of the pandemic. In addition, crypto currencies are among the investment instruments preferred by investors in this process.” said.

In his statement, Serhat Yüksel said that although the epidemic affected many areas negatively, the main negative effect of the epidemic was experienced in the economy, and with the invention of the vaccine, a positive atmosphere emerged for world economies.

“Stock market indexes have started to rise in many countries. However, some issues need to be taken into account in order for this positive atmosphere to be sustainable. First of all, it is necessary to share transparent information with the public by countries and pharmaceutical companies regarding the vaccination process. While some people think that they will get rid of this job as soon as they are vaccinated, some people think that even the vaccine will not be beneficial. In this context, country administrations and vaccine companies should share all information about this process with the public in a transparent manner.This will prevent uncertainty. This will help the economy to move again. He spoke in the form. 

Emphasizing that unfounded and negative comments should be avoided for the continuity of the positive atmosphere in the economy, Yüksel said that there is speculative information in general that “A vaccine is good but B vaccine should not be” or “The purpose of the B vaccine is to put chips on people”, and this situation also coronavirus He noted that the uncertainty regarding the elimination of the problem increased, and there was a risk that these uncertainties would continue to have a negative impact on the economy as they would disturb investors. 

“Trust in cryptocurrencies increased during the pandemic process”

Assoc. Dr. Serhat Yüksel stated that investors started to look for a “safe harbor” due to the negative effects of the coronavirus on the economy and made the following evaluations: 

“Investors have preferred dollars and gold as safe havens since the first days of the pandemic. In addition, cryptocurrencies are among the investment tools preferred by investors in this process. As can be understood from here, it is seen that trust in cryptocurrencies has increased during the pandemic process. When we look at the period before the pandemic, It is seen that the value of 1 Bitcoin was 6 thousand 946 dollars on January 2, 2020. In March, when the impact of the pandemic increased, it decreased to the level of 5 thousand 24 dollars. When we look at the data, it is seen that there have been very serious transactions in cryptocurrencies, especially during the pandemic period, which causes the value of crypto currencies to increase.”

To country governments and crypto money Pointing out that their companies have important roles, Yüksel said that the country’s governments should establish the necessary legal basis for cryptocurrencies in detail, and that the existence of detailed laws and regulations on this issue will increase investors’ confidence in crypto coins.

Stating that cryptocurrency companies should also take the necessary security measures, Yüksel said, “For this purpose, necessary measures should be taken for the security of user accounts and software systems. These issues contribute to the investors’ orientation to cryptocurrencies. Otherwise, a negative situation for crypto currencies, investors should This will increase the uneasiness about these tools, which will cause sharp fluctuations in the prices of cryptocurrencies. ” he spoke. 

“I predict that the rise will increase in the coming years”

Yüksel noted the following regarding the future of cryptocurrencies:

“I foresee that in the coming years, there will be a significant increase in the number of people using cryptocurrencies as well as in the transaction volumes for cryptocurrencies. The important point here is that our country will not be indifferent to these innovations in the financial sense. It will be possible to reduce the uncertainties in the process, and this will contribute to the development of cryptocurrencies in our country. On the other hand, it is also important to make the necessary investments in crypto technologies.Possible risks in this process should be determined in detail and it is very important to take the necessary measures to effectively manage these risks. “

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