By Ifaenyi Egede (Nigeria)
Lebanon is currently in dire financial crisis coupled with a downturn of its economy, as reported by some news outlets. Presently, the Lebanese Lira is trading at 9,600 against a dollar in the financial market. With the current turmoil facing the country’s economy, experts have advised the country to turn to bitcoin and other digital assets to boost its economy. With the country gradually moving towards an impending famine and other ugly conditions, the country might start to consider the advice and turn it to crypto to boost its economy.
Lebanon should turn to bitcoin, experts advice
According to previous times, bitcoin and other crypto have always helped countries escape dire economic conditions. Countries that have been faced with political crisis, hyperinflation, natural disasters, and more are now enjoying better economic conditions due to the adoption of digital assets. If the recent happenings in Lebanon are anything to go by, then Lebanon should quickly turn to crypto to salvage what is left of their country’s economy.
Even though an internal crisis has caused Lebanon’s fate due to flawed government policies, corruption, and internal turmoil, the lira has suffered the brunt of everything. Presently, the lira trades at 9600 against the dollar and is now equal to a Satoshi, the smallest unit of bitcoin. Noting the changes, a professor of Economics at Lebanon American University, Saifedean Ammous, said, “Having lost half its value in the last ten days, the Lebanese Lira is now worth one satoshi.”
Also read:Lebanon might soon be rocked by famine, experts warn
Lebanon’s economy was first threatened after protests rocked the country over unplanned taxes on tobacco, gasoline, and internet calls. Things soon took a turn for the worse after the citizens started to protest against the corrupt government, high unemployment rate, and many other things. Since the beginning of the protests, the lira has lost considerably part of its value, up to about 80%. Presently, the country is suffering from a shortage of dollars to import staple foodstuffs. With this new development, Lebanon could be one of the latest countries hardest hit by famine in the coming months, experts have warned.
With the Lebanese Lira now worth next to nothing, citizens in the country might start to consider the advice given by Nicholas Taleb, a highly respected Lebanese American author, after asking them to look to bitcoin and other digital assets to be able to stay afloat during this period. It should be noted that countries like Venezuela, Zimbabwe, and a host of others have joined the Bitcoin train due to their harsh economic conditions.
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