© Reuters. Michael Saylor Says BTC is The Hope for Lebanon Financial Crisis
- Saylor suggested as the hope for crisis-ridden Lebanon.
- A report by CNBC revealed that Lebanon’s currency lost 95% of its value to USD.
- The price of Bitcoin crossed the $21k price point late last week.
Michael Saylor, the chairman of MicroStrategy, has recommended Bitcoin as the sole hope for the crisis-ridden middle east country, Lebanon.
Saylor made the declaration yesterday on Twitter while commenting on a report by the Consumer News and Business Channel (CNBC). The report revealed that the Lebanon pound in recent times lost over 95% of its value against the United States Dollar (USD).
#Bitcoin is hope for #Lebanon, where the currency has lost 96% of its value vs USD and the banks have failed.https://t.co/DkKrC4zgGY
— Michael Saylor (@saylor) November 5, 2022
Interestingly, many Lebanese interviewed by CNBC already saw Bitcoin as a haven and their last hope of survival. Some locals use the mining of digital tokens as their primary source of income, while gatherings through Telegram to exchange the stablecoin (USDT) for dollars so they can pay for food.
Georgio Abou Gebrael, an architect whose income is 90% from freelance work paid in cryptocurrency, said:
Bitcoin has given us hope. I was born in my village, I’ve lived here my whole life, and bitcoin has helped me to stay here.
In other news, the price of the most valuable cryptocurrency, Bitcoin (BTC), crossed the $21k price point late last week. Consequently, the crypto market gained over $40 billion that week, putting the global market value at over $1.053 trillion.
However, in the last 24 hours, top cryptocurrencies have been slightly in the red. BTC dropped by 0.5%, while (ETH) lost 1.25% of its value. Of the top ten coins, the (BNB) is the best-performing token within the last seven days, with an over 11% increase.
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