Name Price24H (%)
Bitcoin (BTC)
$9,375.37
2.41%
Ethereum (ETH)
$209.42
1.33%
XRP (XRP)
$0.197229
-0.43%
Litecoin (LTC)
$44.05
1.03%
About 57.5% of Lebanese prefers to recieve their monthly sal...
NEWS

About 57.5% of Lebanese prefers to recieve their monthly salary in Bitcoin rather than Fiat currency

It makes sense given that Lebanon is facing an unprecedentedeconomic collapsewhere the prices of basic goods have at least doubled over the past two months, leaving it out of the reach of half of the population.Prime Minister Hassan Diab has also acknowledged that Lebanon is on the brink of an “unimaginable food crisis”.

Their long-standing currency continues to fall and is still being used to pay for imports.The crisis is likely to hit the impoverished communities the hardest and put more pressure on middle classes, widening the disparity between the elite and the rest.The baking system in the country is also destabilizing with protests around central banks and bank branches amping up. Reportedly, the deputy head of the money changers’ union, a bank manager and seven other people are being charged for manipulating the exchange rate and money laundering in a currency crisis probe.Banks have been graduallystopping all dollar withdrawalsin recent months and the central bank said the withdrawals could only be in local currency at the market exchange rate to be determined by banks, which Lebanese call “plain robbery.”Its local currency meanwhile has plunged more than 60% against the dollar.

So, it makes sense, Lebanese are more interested in receiving their livelihood inbitcointhan fiat currencies.It makes sense given that Lebanon is facing an unprecedentedeconomic collapsewhere the prices of basic goods have at least doubled over the past two months, leaving it out of the reach of half of the population.Prime Minister Hassan Diab has also acknowledged that Lebanon is on the brink of an “unimaginable food crisis”.

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Their long-standing currency continues to fall and is still being used to pay for imports.The crisis is likely to hit the impoverished communities the hardest and put more pressure on middle classes, widening the disparity between the elite and the rest.The baking system in the country is also destabilizing with protests around central banks and bank branches amping up.Reportedly, the deputy head of the money changers’ union, a bank manager and seven other people are being charged for manipulating the exchange rate and money laundering in a currency crisis probe.Banks have been graduallystopping all dollar withdrawalsin recent months and the central bank said the withdrawals could only be in local currency at the market exchange rate to be determined by banks, which Lebanese call “plain robbery.”Its local currency meanwhile has plunged more than 60% against the dollar.

So, it makes sense, Lebanese are more interested in receiving their livelihood inbitcointhan fiat currencies.

However, Peter Mallouk, CIO of wealth management firm CreativePlanning says stocks and bonds are better options than gold and Bitcoin.“There is no need to go over into the speculative world,” he said on Thursday, arguing that the digital asset and precious metal “see a lot more booms and busts.”Meanwhile, Bitcoin was not only the best performing asset of the last decade but is continuing its winning streak in 2020.Moreover, governments can’t confiscate it and the digital currency can also be moved across the borders with ease.

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