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230% inflation since January and billion in debt, equivalent to 170% of its GDP Demonstrators in Lebanon attempted to occupy the central bank in the capital Thursday after the country’s currency sank to a record low against the US dollar. As a result of the nation’s economic crisis, the dollar rose to 6,000 Lebanese pounds from 4,000 in the last two days, prompting protesters to take to the streets in Beirut and many other cities.... Amid the turmoil, an increasing number of Lebanese citizens are turning to Bitcoin and cryptocurrency, with Nikkei Asian Review reporting that digital assets are “being embraced as an alternative to dollar assets” among the country’s protesters. However, confusion surrounding the value of Lebanese fiat has led to erratic prices being listed on
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230% inflation since January and billion in debt, equivalent to 170% of its GDP Demonstrators in Lebanon attempted to occupy the central bank in the capital Thursday after the country’s currency sank to a record low against the US dollar. As a result of the nation’s economic crisis, the dollar rose to 6,000 Lebanese pounds from 4,000 in the last two days, prompting protesters to take to the streets in Beirut and many other cities.... Amid the turmoil, an increasing number of Lebanese citizens are turning to Bitcoin and cryptocurrency, with Nikkei Asian Review reporting that digital assets are “being embraced as an alternative to dollar assets” among the country’s protesters. However, confusion surrounding the value of Lebanese fiat has led to erratic prices being listed on
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Mike Norman considers the following as important:
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230% inflation since January and $90 billion in debt, equivalent to 170% of its GDP
Demonstrators in Lebanon attempted to occupy the central bank in the capital Thursday after the country’s currency sank to a record low against the US dollar. As a result of the nation’s economic crisis, the dollar rose to 6,000 Lebanese pounds from 4,000 in the last two days, prompting protesters to take to the streets in Beirut and many other cities....
Amid the turmoil, an increasing number of Lebanese citizens are turning to Bitcoin and cryptocurrency, with Nikkei Asian Review reporting that digital assets are “being embraced as an alternative to dollar assets” among the country’s protesters.
However, confusion surrounding the value of Lebanese fiat has led to erratic prices being listed on peer-to-peer Bitcoin marketplace Localbitcoins — with current buy listings ranging from 19 million LBP to 57 million LBP per BTC, while sell offers range from 12.5 million to 40 million.
Bitcoin is increasingly gaining popularity as an alternative store of value in country’s facing violent hyperinflation, with Venezuela long comprising a leading market by volume on Localbitcoins....Anti-Empire
Lebanese Protesters Set Central Bank on Fire
Mahmut Geldi
Mahmut Geldi