As a result of a currency crisis in Lebanon, Bitcoin (BTC) is currently being traded in the Middle Eastern country for nearly USD 15,000. The global market price is half as high.
One can only dream of a Bitcoin (BTC) price of 15,000 US dollars, but in Lebanon it is already a reality. The background is the inflation of the domestic Lebanese Pound (LPT).
This had actually been set at a fixed exchange rate of around 1,500 pounds for one US dollar since 1990, but currently one dollar can buy more than twice as many pounds as the Washington Post reported.
The peer-to-peer exchange LocalBitcoins currently charges up to 22,678,227.03 LBP, or (according to the official exchange rate) around 15,000 US dollars, if you want to buy a BTC. The worldwide „normal“ price, on the other hand, is about 7,500 USD per Bitcoin, or exactly half as much.
Lebanese intellectual is pro cryptocurrencies
Nassim Taleb, who is probably the world’s most famous Lebanese intellectual today thanks to his philosophical books such as „The Black Swan“ and „Antifragility“, also supports cryptocurrencies
Last week he commented on Twitter on the news that the Lebanese Central Bank was seizing foreign money, simply with: „Use crypto currencies! However, he recommends BTC only with restrictions:
„Bitcoin works for wire transfers; you bypass the banking system. But it is more difficult for daily transactions.
And I don’t think it’s good for [value] storage because it’s very volatile.