Because Lebanon’s financial system is unsustainable, some Lebanese have turned to cryptocurrency, Cryptoslate noted.
Cryptoslate further stated that locals are mining Bitcoin, storing wealth in cryptocurrency, and making payments using Tether. Lebanon entered a financial crisis in 2019 as a result of years of costly wars and poor spending decisions.
A CNBC ground report outlined the issue, which appears to have prompted Michael Syalor, CEO of MicroStrategy, to comment.
According to a World Bank report released on June 1, 2021, Lebanon will face one of the most severe economic crises since the mid-nineteenth century unless its “bankrupt economic system that has benefited a few for so long” is reformed.
According to blockchain data firm, Chainalysis, Lebanon ranks second only to Turkey in terms of the volume of cryptocurrency received among Middle Eastern and North African countries.
(With insights from Cryptoslate)