Michael J. Saylor, co-founder of Microstrategy, has stated that he believes that the use of Bitcoin (BTC) is the solution to the financial crisis in Lebanon as the country’s currency has lost 96% of its value against the US dollar (USD).

Saylor gave his opinion on Twitter as he stated that the commercial banks had failed the country. Lebanon, a country long famous for its stable and investment-friendly financial system, has descended into anarchy as hyperinflation grips the country and banks impose deep cuts on dollar withdrawals.

The use of digital assets became a thing when Lebanon was experiencing a financial crisis in 2019, a decentralized and fluid digital currency came into play outside the control of bankers and the government, according to press reports at the time.

Lebanon currently has 6 bitcoin ATMs. There is one in Aamchit and five in Beirut, but those interviewed for the report say the best way to access bitcoin is by earning it through work.mining or, alternatively, buying it with the Tether stablecoin.

The use of Bitcoin as a tool to combat inflation

Satoshi Nakamoto invented the first cryptocurrency, Bitcoin (BTC), in 2008. Since then, Bitcoin has become its monetary form and use, the standard of money issuance, and money mobility thanks to its underlying blockchain technology.

Michael Saylor has previously stated that using bitcoin to combat inflation is a viable option. Saylor made a statement last year that corporate investors can use bitcoin to fight inflation.

He stated that “to maintain shareholder value, conventional treasury practices are no longer effective. To control the dilution that monetary inflation has on their balance sheet, corporations need new management strategies. Bitcoin is the ideal solution.”

According to a Paxful survey, Argentina sees Bitcoin and others CRYPTOCURRENCIES as the most effective hedge against inflation. The majority of respondents, according to the study, have used cryptocurrencies to protect themselves from rising inflation, with around 70% of respondents believing that investing in Bitcoin and other cryptocurrencies is extremely safe.

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