BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Bitcoin

In Lebanon, Bitcoin, not Altcoins, Rules

by Chiwuike Owunwa
Nov 28, 2022 - 12:00 am
in Bitcoin
In Lebanon

In the midst of this heavy crypto winter, the local currency of Lebanon has lost around 95% of its value, banks are shutting down, and the populace is surviving on Bitcoin.

In Lebanon, the local currency has lost more than 95% of its value, pensions are worthless, banks shutdown, and ATMs are out of cash.

People are surviving with #bitcoin pic.twitter.com/aeIwriiq9m

— Documenting â‚¿itcoin 📄 (@DocumentingBTC) November 27, 2022

On the 27th of November, a Twitter account named DocumentingBTC shared a news piece by CNBC. With the Lebanese government’s economic decisions, the value of the Lebanese currency has lost so much value that savings, pensions, and banks have completely lost value. Added to all this, the country is plagued by unemployment and poverty.

With the recent stories of the crypto industry being unfortunate. Ranging from the crash of LUNA up to the implosion of FTX. the Ponzi schemes, the hackers and scam artists that seem to be lifting millions from users, you would think the world would wash its hands of cryptocurrencies by now.

Yet the opposite is the case. The view of die-hard crypto enthusiasts and diamond hand holders is that the industry is just going through a phase, one it will soon get out of to usher in Crypto-summer. And whole countries are adopting this mindset.

And it seems even the Citizens of Lebanon are now joining the fray, relying heavily on Bitcoin’s decentralized nature to insulate themselves from the economic crash, carrying out transactions in BTC and Tether. 

With their money locked in the banks, constantly losing value. Banks are not disbursing cash, and the few are taking a huge chunk off the top. It makes sense to divert to a financial system void of the influence of politicians, governments, or corruption.

They are also taking up BTC mining, powering it with hydro-powered electricity. This has helped open up some employment opportunities for some, and investment opportunities for others. And without official statistics displaying the rate of crypto use in the country, anecdotal evidence shows a massive adoption rate for BTC and Tether.

Businesses and service providers have taken up the practice of accepting cryptocurrencies as forms of payment. And though it might not be official, the future of BTC seems to be looking up.

Tags: AltcoinsBitcoinBTC
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

Green Minerals headquarters and Bitcoin symbol representing strategic investment deal

Bitcoin Inflows From 2024-2025 Break 15-Year Record, Hitting $625B

September 15, 2025

Bitcoin on-chain inflows reached $625B in 1.5 years, outpacing 15 years of growth. Institutional demand and Fed policy...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Wall Street Veteran Jordi Visser Predicts Big Bitcoin Allocation Boost by Year-End

September 14, 2025

Jordi Visser forecasts US institutions will increase Bitcoin allocations before year-end, boosting Q4 demand and setting up portfolios...

China Renaissance invests $100M in BNB through MoU with YZi Labs

China Renaissance Commits $100M to BNB in Landmark Treasury Move

August 22, 2025

China Renaissance invests $100M in BNB, signing MoU with YZi Labs to push adoption and regulated listings in...

BlackRock CEO Larry Fink speaking at the World Economic Forum

Bitcoin’s biggest Wall Street backer takes the wheel at World Economic Forum

August 15, 2025

BlackRock CEO Larry Fink joins André Hoffmann as interim co-chair of the WEF board, signaling stronger ties between...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service