With the global health of banks not in a good space thanks to a potential financial crisis looming, some countries have essentially thrown in the towel sending their economies into a tailspin. Lebanon is one such country that is facing a banking crisis that is not only damaging its economy but also looks as if the only outcome will be total collapse. Bitcoin has been and could continue to serve as an alternative.
Inside the country, citizens are being faced with an extreme devaluation of the local currency to its USD peg, $300 weekly cash withdrawal limits, empty ATMs and extreme difficulty accessing their money at the banks. As a total collapse approaches, Bitcoin again shows its value in a destabilized financial system.
Lebanon becomes another example of how people in positions of power have the ability to destroy economies and financial system leaving everyday citizens, who are forced to trust them with their money, in financial ruin. Bitcoin’s decentralized offering and lack of central control shine bright in cases like this, and for the Lebanese people especially, it will begin to look like a lifeline.