Why do these Young Turks ladies dare to speak about a subject as complex as cryptocurrencies without doing ANY research? In the following video, both Ana Kasparian and Francesca Fiorentini read a New York Times article interpreting it as fact, while giving the most inane commentary you could imagine. To make things worse, they try to be sarcastic and humorous and fail completely at that too. 

Related Reading | Crypto Needs Regulation If It’s Going To Survive, Says SEC Boss

Their main thesis is that crypto lobbyists are influencing bills and legislation while at the same time trying to keep the industry deregulated. Is that what’s happening? Doesn’t that thesis contradicts itself? Let’s go through the Young Turks ladies’ points one by one to see if we can understand them better. But first, the video:

What Do The Young Turks Think They’re Saying?

To express coherent ideas while recording live is hard. So, to cut the Young Turks ladies some slack, let’s start with the text. The YouTube information box starts as follows:

“Crypto lobbies and lobbyists are gaining ground in their fight to profit from bills drafted with state legislators to keep the cryptocurrency market free of regulation, leading to an increase in profits for crypto executives and lobbyists.”

If a bill passes, that’s regulation. Isn’t that what those lobbyists are pushing? Regulation? Also, isn’t everyone in the United States looking to increase profits? It seems like the Young Turks are protesting about the lobbyists dictating what regulation looks like, but that framing wouldn’t drive the outrage clicks.

Later on, the info box says:

“Florida is the most recent state to adopt crypto-friendly legislation as the state recently signed a law that would make it much easier to trade and hold cryptocurrencies in the state in an attempt to draw investment into the industry in Florida.”

What’s the problem here, exactly? Regions all over the world are executing this geographical arbitrage play. Is it illegal? NO.

The info box closes with:

“Across the nation, crypto executives and lobbyists are helping to draft bills to benefit the fast-growing industry, then pushing lawmakers to adopt these made-to-order laws, before moving rapidly to profit from the legislative victories.”

Yeah, that’s what lobbyists do. Every industry under the sun is trying to influence regulation in its favor. Is it right? Maybe not, but it’s as common as bread. Crypto people didn’t create lobbying. 

What Do Ana And Francesca Think They’re Saying?

The Young Turks’ bosses did these women dirty by putting them in this position. It seems like they ordered a hit piece about one of the most complex subjects around without providing any training whatsoever. Do The Young Turks’ bosses have training themselves? Because it seems like they’re as confused as the ladies.

The video starts with Ana stating the confusing thesis, crypto lobbyists are drafting laws to make sure that the industry remains deregulated? If they’re drafting laws, they’re looking for regulation, but ok. Then, she criticizes Joe Biden’s now-famous Executive Order by saying it’s just the commission of studies. Well, it’s a complex subject, and the Young Turks could benefit from commissioning studies themselves.

Then, Ana says that the laws are being left up to each State. Isn’t the United States a constitutional federal republic? Federal means that the States are sovereign. After that comes the terrible “Tales From The Crypt-o” title card, in which they use a tweet from an NFT owner who got hacked as some kind of proof that the crypto space is spooky and treacherous.

Then, the New York Times articulates what the Young Turks couldn’t. According to it, a law presented in Florida eliminates “a threat from a law intended to curb money laundering.” So, what they’re actually against is that the crypto industry is getting rid of AML laws? They’re not being too successful, then, because, as far as we can tell, every exchange in the US has AML procedures in place.

ETH price chart on FTX | Source: ETH/USD on TradingView.com

The Young Turks Think That Cryptocurrencies Are Good For Criminals

It’s Francesca’s turn, and, with the eloquence of a first-time podcaster, she says that cryptocurrencies are a new way to “do corruption,” to “steal money that is not yours,” and for “paying 17-year-olds for sex.” A ten-minute read on cryptocurrencies would’ve told the Young Turks that the blockchain is an immutable ledger. There’s not a worse medium to finance the crimes that Francesca describes.

Then, Ana insists that financial institutions need to be regulated. That’s exactly what the lobbyist are trying to accomplish, but ok. Then, she says “You should want protection. You should want to ensure that cryptocurrencies aren’t used for money laundering.” Perfect, but the people should also want banks not to be used for money laundering, and they’re not getting that either. The only way to stop money laundering is for the financial authorities to do their job and stop it. Common citizens shouldn’t suffer.

Related Reading | Dubai World Trade Centre To Become A Crypto Hub For Regulation

Near the end, Francesca qualifies the whole industry as a slow-moving con or scam. As a contrasting opinion, we might qualify the industry as the most exciting development in finance in decades. And as a job-generating juggernaut that’s saving lives worldwide. Then, Francesca predicts that, in a few years, we’re going to be inundated with documentaries about the different cases in which people lost their savings and whatnot. She might be right about that. There’s too much money involved and the average citizen is as uninformed as the Young Turks.

Do your own research and commission your own studies so that you won’t become a victim. As in the traditional financial markets, laws aren’t going to protect you from scams. Information and due diligence will.

Featured Image: Ana and Francesca, screenshot from the video | Charts by TradingView

Inflation talk floats around the globe nonstop. While the U.S. continues to fight inflation through interest rate hikes and the like, countries elsewhere are trying their best to halt ongoing fiat plunges. Turkey’s current debt crisis is a prime example of this; the Turkish lira has tanked in value for the last several years. Luckily, though, the advent of crypto is making hedging against these bearish periods easier on citizens. Turkish people have been hip to this asset class, embracing a grip of cryptos in order to cease losing wealth. Shiba Inu (SHIB-USD) has been one such currency. In fact, the token has become so popular that the Turkish government is having serious talks about accepting it.

There are many factors behind the ongoing debt crisis in Turkey. The country’s current account deficit grew throughout the 2010s as its imports vastly outnumbered exports. What’s more, its debt has been worsened by events like U.S. tariff price hikes. Influenced by both domestic and foreign developments alike, the complex crisis has amounted to a great deal of suffering for the lira. Turkey’s official currency has seen massive inflation in the last decade. Since 2016, the inflation rate of the lira has grown to a whopping 185%.

Luckily for Turks and others suffering from inflation, though, crypto has become an easy way to hedge against volatility. As such, Turkish people have been buying crypto with fervor. Bitcoin (BTC-USD) and Tether (USDT-USD) have been popular choices, for obvious reasons. Bitcoin is the largest crypto by far and proven as a great long-term holding. Tether, the largest stablecoin in the world, is also a safe way to retain one’s wealth with its $1 USD peg.

Shiba Inu Acceptance Is Becoming More Realistic

One of the more unexpected ways Turks are hedging against falling lira values is the pupcoin Shiba Inu, however. Back in late 2021, CoinDesk reported that SHIB was competing closely with Bitcoin and Tether as one of the most popular trades for Turkish investors. Now, it looks like the government may be ready to take the next step with the token.

The relationship between Turkey and cryptocurrency has historically been quite contentious. The Turkish central bank has been quite bearish on crypto, pushing for full-scale bans on digital assets. At the same time, President Recep Tayyip Erdoğan has been fighting on behalf of country-wide crypto adoption.

While trading is more restricted within Turkish borders than other nations, SHIB popularity continues to increase steadily in the country. In January, Turkish crypto exchanges ramped up this popularity by natively listing the token. Now, the government itself is taking interest in the asset; Turkey’s finance minister met with a Turkish Shiba Inu influencer this week to discuss widespread adoption of the currency.

Without much in the way of details, the meet appears quite bullish for SHIB adoption. The Turkish government is obviously taking interest in its citizens’ investments and the ways in which it can alleviate plummeting lira values. In the wake of the news, SHIB is posting slight losses. As of today, the token is down 6%, with a slight drop in trading volume.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.