Michael J. Saylor, co-founder of Microstrategy, has stated that he believes in the operate of Bitcoin (BTC) is a solution to the financial crisis that Lebanon is experiencing as the country’s currency has lost 96% of its value against the US dollar (USD).

Saylor issued an opinion regarding Twitter claiming that commercial banks have failed the country. Lebanon, a country long renowned for its stable and investment-friendly financial system, descended into anarchy as the country suffered hyperinflation and banks imposed significant cuts in their withdrawals of dollars.

According to press reports at the time, the operate of digital assets became widespread when the financial crisis hit Lebanon in 2019. What was involved was a decentralized and liquid digital currency outside the control of bankers and the government.

Lebanon currently has 6 Bitcoin ATMs. There is one in Aamchit and five in Beirut, but those interviewed for the report say the best way to access bitcoins is to earn them through work/mining or alternatively, purchasing it with the Tether stablecoin.

Using Bitcoin as a tool against inflation

Satoshi Nakamoto invented the first cryptocurrency, Bitcoin (BTC), in 2008. Since then, Bitcoin has changed its operate and monetary forms, the standard of money issuance, and the mobility of money thanks to its underlying blockchain technology

Michael Saylor has previously stated that using bitcoin to fight inflation is a viable option. Last year, Saylor stated that corporate investors could operate bitcoin to fight inflation.

He stated that “to maintain shareholder value, conventional treasury practices are no longer effective. To control the dilution of monetary inflation on the balance sheet, corporations need new management strategies. Bitcoin is the perfect solution.”

Argentina’s perceptions of Bitcoin and other platforms, according to a Paxful survey cryptocurrencies as the most effective protection against inflation. According to the survey, most respondents used cryptocurrencies to protect themselves from rising inflation, and about 70% of respondents believe that investing in Bitcoin and other cryptocurrencies is extremely secure.

Image source: Shutterstock

. . .