The people of Lebanon are fleeing en masse towards crypto after the state and the bank confiscated large parts of their savings. As a result, the local currency, the Lebanese pound, has fallen by 90%. ‘Lebanon is on the precipice’, is all over the news.
Libanese massively invest in crypto
So again, a huge flight of capital towards crypto. The country, Lebanon, is basically bankrupt and hasn’t paid off any government debt for almost a year and a half. They now seem to want to solve it by confiscating the savings of their citizens, but whether that is the solution….
As a result of all this, the currency used in Lebanon, the Lebanese pound, has fallen by 90% in value. The country is absolutely on the precipice financially and there seems almost no way out.
A large part of the people do seem to have found a way out for their personal finances. Indeed, many have decided to invest their money in crypto. Not a crazy choice of course, because the last few years have shown that nice returns are possible in crypto.
It may well be that the Lebanese government will also look for a way out in crypto, as more and more countries are doing lately. Who knows, after El Salvador, Cuba and probably Zimbabwe, Lebanon could be the next to introduce Bitcoin as an official means of payment.
This in turn could cause Bitcoin to rise in price, making it smart to invest in it. Do you want to do this? You can do it with Bitvavo. When you sign up using this link you can trade your first €1000 for free.
