At an official ceremony held at the Ministry of Treasury and Finance, Mehmet Şimşek took over from Nureddin Nebati and was officially appointed as the new Minister. Şimşek gave a message of change in economic policies when he started his duty. He emphasized the importance of “Turkey’s return to a rational ground”. Well, how will Şimşek’s being the Minister of Treasury and Finance affect the crypto money environment in Turkey? For this, let’s take a look at Şimşek’s previous cryptocurrency statements.
Mehmet Şimşek became the new Minister of Treasury and Finance
The handover of duties took place at the Ministry of Treasury and Finance. As a result of the official ceremony, Mehmet Şimşek became the new Minister of Treasury and Finance. Şimşek expressed his gratitude by reminding the important achievements in the field of investment and employment during the period of his predecessor, Minister Nabati. He stated that their primary goal is to increase the welfare of the society. In addition, Şimşek emphasized their determination to fight inflation. Şimşek underlined that compliance with international norms will be a central focus. He particularly emphasized the importance of transparency and foresight.
What is Mehmet Şimşek’s attitude towards cryptocurrencies?
Şimşek had previously served as the Minister of Treasury and Finance between 2009 and 2015. Later, he moved to the position of Deputy Prime Minister and transferred the duty of Minister of Finance to Naci Ağbal. With Şimşek’s reassignment as Minister of Treasury and Finance, the public is eagerly awaiting Şimşek’s economic policies. The cryptocurrency space is curious about Şimşek’s explanations for Bitcoin and altcoins, Blockchain technology. Şimşek’s previous statements show that he is not very fond of cryptocurrencies. Because, the Minister said that Bitcoin is similar to the “Tulip frenzy” and even surpasses it.
cryptocoin.com The Dutch tulip market bubble, also known as the tulip frenzy, was one of the most famous market bubbles and crashes of all time. It happened in the Netherlands in the early 1600s, when speculation drove the value of tulips to extremes. While making this statement, Şimşek thought that the price of Bitcoin was a “bubble”. He also drew attention to the volatility in its price, saying that it “could suddenly rise excessively, then collapse.” It is worth noting that Şimşek made his statement in late 2017, a few weeks before Bitcoin reached $20,000.
There are “serious question marks” for cryptos
After the G20 Ministerial Summit held in March of the same year, he said, “Cryptocurrencies should be avoided”. But for blockchain technology, he pointed to the possibility of it being “revolutionary.” “There is no consensus in the world on the fate of cryptocurrencies,” he said in a program he attended, again in 2018. “There are serious question marks,” he added. In general, he pointed to Turkey’s digital currency studies. However, he stated that he is “distanced” from cryptocurrencies in general.
Considering Şimşek’s previous comments, it seems that he has taken a cautious stance towards cryptocurrencies. As the new Treasury and Finance Minister, Şimşek’s stance on crypto may shape the government’s policies and initiatives in this area.
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