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🚨🇱🇧 #Lebanon Currency Crisis Explained 🌐💸:
Personally, I've been seeing very little coverage as of late on #Lebanon's currency crisis and its relation to #Bitcoin. So figured I'd do some research and share what I learned!
A Thread 🧵👇
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Personally, I've been seeing very little coverage as of late on #Lebanon's currency crisis and its relation to #Bitcoin. So figured I'd do some research and share what I learned!
A Thread 🧵👇
1/
2/ Lebanon's currency crisis has been unfolding for years. The central bank defaulted on its IMF loan for the 1st time ever, revealing they didn't have depositors' assets on hand.
This started a bank run, leading to strict withdrawal limits. 💰📉
This started a bank run, leading to strict withdrawal limits. 💰📉
3/ This largely stemmed from decades-long government corruption & mismanagement. Leading to massive public debt, currently over $100 billion.
The Syrian Civil War has also had a devastating impact on Lebanese economy. Refugees flowing into LB put a large strain on its resources
The Syrian Civil War has also had a devastating impact on Lebanese economy. Refugees flowing into LB put a large strain on its resources
