Bitcoin and cryptocurrencies could be an excellent and quick solution to Syria's economic problems.
I am personally an old investor in digital currencies and I believe in their importance and that they will be very influential in the future. I bought currencies like Dogecoin when its price was $0.03 and now its price is more than $0.38 and reached 0.75 at one point. This means that your money can double significantly in a short period of time. Bitcoin is also the most important and largest. For example, in 2010, the price of Bitcoin was less than one dollar, while in 2021 it reached about $64,800, and today it is more than $100,000. Imagine if you invested one dollar in Bitcoin in 2010, you would have $100,000 today. And you can imagine if you invested $1,000 in Bitcoin in 2010, you might be reading my post right now and you would be saying who is this idiot who came to philosophize on us and write about economics while he does not understand anything about economics? And that is absolutely your right because today you would have a fortune estimated at $100 million and you have the right to consider me not understanding By economy..
Frankly, amid a stifling economic crisis caused by the ousted president and his cronies, ideas, solutions, and proposals are being put forward for discussion. One such proposal, discussed by the Syrian Interim Government, includes a study to replace traditional transactions with Bitcoin and launch what is known as the "electronic lira." Such a step may seem bold or even revolutionary, but it also opens the door to a broader debate about the feasibility of adopting digital currencies as a solution to the mounting crises.
Bitcoin could provide Syrians with a window into the outside world, bypassing banking restrictions. Furthermore, the idea of an "electronic lira" could represent a way to attract foreign currency from expatriates and support the economy. However, amid these ambitions, legitimate questions arise: Do ordinary Syrians have the tools and knowledge to navigate these transformations? And how can a government suffering from structural crises ensure adequate technical infrastructure and cybersecurity? This is not just about solving immediate economic problems; it points to a deeper shift in the way money is managed and financial transactions are conducted.
Of course, I'm not calling for all of Syria's state resources to be diverted to Bitcoin, Dogecoin, Ethereum, and Solana, but I am calling for a small portion to be allocated as a state reserve, especially since economic experts believe that digital currencies will rise even more with the arrival of President Trump, who is a believer in digital currencies and has appointed people very enthusiastic about them to his administration. He has chosen Paul Atkins, a supporter of the development of digital currencies, as head of the Financial Markets Regulatory Authority, which may enhance the regulation and development of this sector. This will help further regulate digital currencies and make them a market that is increasingly similar to the stock market. However, they must be treated with caution due to their high volatility.
This is not economic advice at all. You should research the issue and ask economic experts, as they are the ones with experience and expertise in this field.
What do you think? Can cryptocurrencies become a lifeline for Syria, or are the timing and circumstances not right?