Lebanon has been witnessing a monetary crisis for over a year, mainly because of political turmoil in the country. Unofficial reports indicate that the Lebanese pound, or lira, has lost 50% of its purchasing power in less than two weeks. Now the value of Lebanese pound is worth a single satoshi. The local crypto advocate Saifedean Ammous, who is the author of The Bitcoin Standard, took to Twitter to assert that after “having lost half its value in the last ten days, the Lebanese lira is now worth one satoshi.” The national currency is at a historic low, with its value being $0.000093.
Lebanon citizens turn to crypto.
The value of Lebanese has reportedly seen its value plummet nearly 86% in roughly one year. However, the chronic economic mismanagement has led to the emergence of a parallel market for the currency. Citizens claim that the political turmoil has led to the current monetary crisis in the country. The accelerating monetary crisis has deeply affected daily life in Lebanon, with the country now preparing for a wave of emigration as it prepares to open its sole international airport following the pandemic restrictions. The economic turmoil has sparked the interest of the country’s youth in cryptocurrency.
Having lost half its value in the last 10 days, the Lebanese Lira is now worth one satoshi.
— Saifedean Ammous (@saifedean) July 1, 2020
Lebanon crisis provides a solid case for bitcoin adoption.
Lebanon is not the only country in the world that is suffering from hyperinflation and monetary crisis. Earlier, the banks in the African country had closed down and put a cap on the amount that people could withdraw. The current crisis in the county provides a case for why people should adopt decentralized cryptocurrency than trusting the central bank’s currency. Lebanon citizens have been protesting against the current ongoing monetary crisis. As reported earlier, some demonstrators recreated the popular Ghanian meme that shows four men dancing as they carry a casket on their shoulders with an EDM song playing in the background.