Lebanese Turn to Crypto Amid the Country’s Worsening Financial Situation

29 Sep 2022

Tech-savvy youngsters in Lebanon have reportedly shifted their focus toward cryptocurrencies amid the current monetary crash, CryptoPotato reports via Reuters.

Mario Awad – a Lebanese HODLer – told the media that many politicians, security officers, TV personalities, and celebrities have also purchased bitcoin or altcoins lately.

Another individual, introducing himself as Ahmad, argued that cryptocurrencies are “100 times more real than the dollars” Lebanese keep in banks.

According to the coverage, the favorite digital asset of local investors is the world’s largest stablecoin – Tether (USDT). Its value is pegged to the American dollar, and, in theory, it should stay unaffected by the notorious volatility in the crypto market.

The Lebanese government has not yet put the digital asset sector under its supervision. However, the lack of regulations does not seem to be a problem for domestic investors, most of whom do not trust the actions of the ruling body.

Sources: Reuters and CryptoPotato