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.