Michael J. Saylor, co-founder of Microstrategy, believes that Bitcoin (BTC) could be the solution to Lebanon’s financial crisis. The country’s currency has lost 96% of its value against the US Dollar, leading to hyperinflation and banks imposing restrictions on dollar withdrawals. Saylor claims that commercial banks have failed Lebanon, and he sees Bitcoin as a decentralized and seamless digital currency that can operate outside the control of bankers and the government. Currently, Lebanon has six Bitcoin ATMs, with the best way to access Bitcoin being through earning it or purchasing it with the Tether stablecoin. Saylor has previously stated that using Bitcoin to fight inflation is a viable option, as it can help corporations maintain shareholder value and control the dilution caused by monetary inflation. A survey conducted in Argentina also shows that Bitcoin and other cryptocurrencies are viewed as effective hedges against inflation, with the majority of respondents using cryptocurrencies to protect themselves from rising inflation.

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Information	Details
Geography	Middle East
Countries	🇱🇧
Sentiment	positive
Relevance Score	1
People	Michael Saylor
Companies	Paxful, Bitcoin ATMs, Microstrategy
Currencies	US Dollar, Bitcoin, Tether
Securities	None