Bitcoin Trades at $15k in Lebanon Amidst Economic Turmoil, Showing Its Real Potential

  • Bitcoin tops near $15,000 on Lebanon P2P marketplaces as the country’s official fiat crashes 50 percent in just a month.
  • The bitcoin rate in international is just above $7,500.
  • Lebanon is facing its worst economic crisis, with inflation hitting record highs amidst liquidity crunch.

Bitcoin is trading almost twice its current rate in an economically-hit Lebanon.

Peer-to-peer bitcoin marketplace shows people selling the cryptocurrency for as high as 22,678,227.03 LBP per token, which roughly equals $15,000. Meanwhile, people who are looking to liquidate bitcoin for local currency are demanding as much as $11,000 per token.

BTCUSD in Lebanon P2P markets jumps above $15,000 | Source: LocalBitcoins, Google

Exchange rates coming out of Lebonan crypto marketplaces are strikingly higher than their global counterparts. Data aggregator Messari shows the bitcoin price a little above $7,500 – almost half than what is the Lebanese traders are asking.

Currency Crisis

Bitcoin hits its premium price levels in Lebanon as the country grapples with its most severe economic crisis in decades. The Lebanese Pound has crashed by almost 50 percent from its dollar-pegged value since October 2019, sparking inflation, fueling social unrest, and locking Lebanese people out of their US dollar-enabled bank savings.

The central bank issued an order that allowed dollar account holders to withdraw money in local currency but before April 23. The ruling was meant to ease dollar demand but left people in a more panicked state. The country has one of the largest diasporas that send and receive funds in foreign currency.

Bitcoin peaked in Lebanon amidst the said chaos, validating the Al Jazeera coverage from late February that showed Lebanese opting for cryptocurrencies as a measure to protect themselves…

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