The Presidential elections in Turkey (May 14) could have a pivotal role in the country’s future financial condition. They could also affect the local cryptocurrency industry since the two leading candidates – Recep Erdogan (the current political leader) and Kemal Kilicdaroglu – share entirely different views. 

The former declared “war” on bitcoin in 2021 and supported the central bank’s efforts to launch digital lira. Kilicdaroglu stands on the opposite corner as a proponent of cryptocurrencies and Web3.

A Real Chance for a Change

The upcoming presidential elections in Turkey this weekend seem to be the most contested in over a decade, with Erdogan facing a strong rival – Kilicdaroglu. 

The current president has been in charge since 2014 and has received huge criticism for some of his political decisions. For one, he took the country to a conservative path, distancing it from the Western world and keeping strong ties with Russia (even though Turkey is part of NATO).

The shaking economic condition of the transcontinental nation during his reign could be another point used by the opposition. The inflation rate in Turkey is one of the highest in the world, while its official currency – the Turkish lira (TRY) – recently plunged to a record low against the US dollar. 

Kilicdaroglu’s political view appears to be entirely different than Erdogan’s. He vowed to bring freedom and democracy to Turkey, saying that’s what the youth wants. 

“We want free media and complete judicial independence. Erdogan does not think that way. He wants to be more authoritarian. The difference between us and Erdogan is the difference between black and white,” he told the BBC.