The founder of MicroStrategy said that bitcoin could be the best solution for countries whose national currencies are subject to depreciation.

It all started when economist Mohamed El-Erian tweeted about the problems with the Turkish lira – the Turkish economy is suffering from currency depreciation and rising inflation. At the same time, local authorities are less willing and able to intervene in what is happening on the market in order to counter the weakness of the local currency, the economist says. El-Erian’s tweet caught the attention of bitcoin enthusiast Michael Saylor.

“Bitcoin may be the best solution for countries trying to save their economies from the collapse of national currencies such as the Turkish lira,” the businessman tweeted.

As a bitcoin enthusiast, Saylor has repeatedly argued that some traditional fiat currencies are subject to inflationary pressure due to economic instability. Unlike conventional money, bitcoin is inflation resistant as its supply is limited to 21 million coins. Saylor is convinced that Bitcoin can become a viable alternative for individuals and companies in countries most affected by the economic crisis.

However, many opponents of bitcoin doubt that the first cryptocurrency will help insure against currency devaluation and preserve the purchasing power of citizens. For example, a Twitter user recently turned to bitcoin supporter Max Keiser, stating that after the legalization of bitcoin in El Salvador, corruption in the country has become even more visible. According to the user, now the government and politicians can be bribed with bitcoins – “that’s the whole story about bitcoin” as a tool to fight corruption.

Recently, Michael Saylor suggested that in the near future all major banks will offer their bitcoin storage services to individuals. According to Saylor, bitcoin will also be effective in the fight against fake accounts on social networks.