Although the government in Turkey seems like it’s watching the things from afar, it can sometimes take quicker steps than the private sector. For instance, a “digital central bank” is underway, which will incorporate all payment and monetary-loans mechanisms. But, this doesn’t mean that Central Bank will start issuing cryptocurrency. An anonymous value cannot be created by any given authority. Therefore, it would nothing but an “oxymoron”, to say the least, when it is said, “Central Banks will issue their own digital currencies”.
Of course, a Central Bank can issue its digital currency; however, it seems rather interesting to me that the government which is digitizing processes and making more and more digital changes in many areas is acting more quickly than the private sector, especially in this particular aspect. This doesn’t surprise me too much since it can be seen that a majority of Turkish companies don’t have a proper IT automation and infrastructure. In effect, it would be a miracle if you didn’t fall behind your competitors with download speed of 16 megabits per second.
Nevertheless, I’m quite happy to see that younger generations are more inclined to adopt new technologies. I’ve recently met some young people in Adana who read my latest book “Exit from Economics”. They had a lot to ask me about this new release. Some said they have made a lot of money; the others have sold their car to buy cryptocurrency and sadly suffered some great losses. I told them even the Government is acting more quickly than people when it comes to digital transformation. The digitalization is the future but do not invest in digitalization with the intention of becoming rich. Well, let me clarify this statement a little further:
No matter what job you do, you can only earn more money by becoming an expert in your field. Well, obviously, it’s not possible to make a fortune by saving money from your salary. Instead, you can choose an investment option. But, should you invest all of your savings?
This would be a huge mistake, indeed; because, if you do this, you would quite likely be worried about your savings all the time. You can’t focus on your job or whatever activity you’re into. But, more importantly, you should at all costs avoid making the colossal mistake of selling all your assets to engage in an investment activity. This is the crucial point where amateur investors lose both their jobs and their savings. Individuals don’t have enough power to do the same things the Government does. Governments may suffer losses but they can always bounce back. And the worst part of it, they force people to pay the price. But, we, people have neither the financial ability nor the opportunity to do that, so we should act more wisely.
In short, we can take our chances in an “innocent” investment option that will possibly not hurt us in the future. I have no doubt that one day cryptocurrencies will be a more efficient medium of exchange than paper money. But until that day comes, we have to ensure that people make wise decisions and do not take a dislike to new technologies and innovations because of their own mistakes.