Latest Lebanon News

  • Lebanon Financial Crisis Worsens But Can Bitcoin Provide a Solution?
    Lebanon Financial Crisis Worsens But Can Bitcoin Provide a Solution?
    Lebanon's worsening financial crisis highlights the need for more reliable solutions.
  • Lebanese Pound Falls 50% in Ten Days — Now Worth One Satoshi
    Lebanese Pound Falls 50% in Ten Days — Now Worth One Satoshi
    A deepening monetary crisis has seen Lebanon’s national currency plummet a further 50% over the last ten days to reach parity with a single satoshi. Lebanon’s national currency continues to shed value amid the country’s deepening monetary crisis, with unofficial reports indicating that the Lebanese pound, or lira, has lost 50% of its purchasing power in less than two weeks. On July 2, local crypto advocate Saifedean Ammous, author of The Bitcoin Standard, took to Twitter to assert that after “having lost half its value in the last 10 days, the Lebanese lira is now worth one satoshi” — comprising a historic low for the currency of roughly $0.000093. On June 21, Ammous noted that “Ten years ago, one Lebanese lira was worth 0.67 Bitcoin.” “Imagine spending 45 minutes explaining Bitcoin to a group of Lebanese people and then having one of them ask: ‘but without a central bank regulating, what guarantees Bitcon’s value?’” Ammous posted a day earlier. Lebanon’s citizens turn to crypto It’s hard to confirm the precise exchange rate as Lebanon’s lira has officially been valued at US $0.00066 since 1997, however chronic economic mismanagement has led to the emergence of a parallel market for the currency.
  • Bitcoin Analyst: Central Bank Rate Cuts Mean ‘World Has Gone Zimbabwe’
    Bitcoin Analyst: Central Bank Rate Cuts Mean ‘World Has Gone Zimbabwe’
    Zimbabwe-style mayhem is a possible outcome from a flood of cheap money hitting the global economy, warns MMCrypto. Bitcoin (BTC) supporters are watching as almost every central bank in the world lowers interest rates and the global fiat money supply skyrockets. Statistics compiled by Charlie Bilello, CEO of wealth manager Compound Capital Advisors, show that in 2020, 84 of the world’s 118 central banks cut interest rates. “Bitcoin cannot be printed!” Largely due to coronavirus, institutions have slashed rates by as much as 1,700 basis points, with Argentina leading the way. Israel changed the least, with a 15 basis point reduction, while Ukraine, Pakistan, Barbados and the East Caribbean joined Argentina at the top of the list. Argentina’s current central bank interest rate is 38%, the highest of any central bank on the list. Lower rates are designed to incentivize borrowing and spending and go hand in hand with quantitative easing policies, under which the money supply of fiat currencies can increase exponentially. Missing from the rankings are countries such as Venezuela, Iran and Lebanon, where currency meltdowns have become an unavoidable feature of central bank policy.
  • Lebanon’s Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled
    Lebanon’s Financial Meltdown: Currency Plunges 80%, Huge Losses at Central Bank, IMF Bailout Stalled
    The financial crisis in Lebanon has seen its currency, the Lebanese pound, fall 80%.
  • The Truth About Bitcoin and Hezbollah in Lebanon
    The Truth About Bitcoin and Hezbollah in Lebanon
    Will Hezbollah in Lebanon use bitcoin? The data suggests terror activity is uncommon despite surging crypto popularity across the Middle East.