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๐จ๐ฑ๐ง #Lebanon Currency Crisis Explained ๐๐ธ:
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 ๐งต๐
1/
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 ๐งต๐
1/
https://twitter.com/bitcoinnewscom/status/1657591556616929283?s=46&t=TItndNqoFhspXrTIdmnzhg
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. ๐ฐ๐
This started a bank run, leading to strict withdrawal limits. ๐ฐ๐
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
4/ The dollar-lira exchange rate skyrocketed, with a "bank rate" of 8500 lira to $1 (for those with connections) & a "street rate" between 13000-25000 lira to $1.
This massive inflation has made it difficult for many people to afford food, medicine, and other necessities.
This massive inflation has made it difficult for many people to afford food, medicine, and other necessities.
5/ How does #Bitcoin come into the picture?
The crisis even sparked a movement among younger Lebanese to buy #Bitcoin with their lira. ๐๐ฅ
Problem is no one really wanted to sell Bitcoin for lira, (the shittiest of shitcoins ๐คฃ) so the movement didn't reach its full potential.
The crisis even sparked a movement among younger Lebanese to buy #Bitcoin with their lira. ๐๐ฅ
Problem is no one really wanted to sell Bitcoin for lira, (the shittiest of shitcoins ๐คฃ) so the movement didn't reach its full potential.
6/๐ค What are your thoughts on the #LebaneseCurrencyCrisis? Share & engage below! โฌ๏ธ๐๐จ๏ธ
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