Michael Saylor, the chairman of MicroStrategy, has recommended Bitcoin as the sole hope for the crisis-ridden middle east country, Lebanon.
Saylor made the declaration yesterday on Twitter while commenting on a report by the Consumer News and Business Channel (CNBC). The report revealed that the Lebanon pound in recent times lost over 95% of its value against the United States Dollar (USD).
Interestingly, many Lebanese interviewed by CNBC already saw Bitcoin as a haven and their last hope of survival. Some locals use the mining of digital tokens as their primary source of income, while gatherings through Telegram to exchange the stablecoin Tether (USDT) for dollars so they can pay for food.
Georgio Abou Gebrael, an architect whose income is 90% from freelance work paid in cryptocurrency, said:
In other news, the price of the most valuable cryptocurrency, Bitcoin (BTC), crossed the $21k price point late last week. Consequently, the crypto market gained over $40 billion that week, putting the global market value at over $1.053 trillion.
However, in the last 24 hours, top cryptocurrencies have been slightly in the red. BTC dropped by 0.5%, while Ethereum (ETH) lost 1.25% of its value. Of the top ten coins, the Binance coin (BNB) is the best-performing token within the last seven days, with an over 11% increase.
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Source: Cryptocurrency - investing.com
