Edward Snowden, Michael Saylor Have One Word For Lebanon After Abrupt Currency Devaluation: 'Bitcoin'

Former U.S. Intelligence contractor Edward Snowden said that Bitcoin is a fix to Lebanon's sudden currency devaluation.

What Happened:  According to a report by Reuters, Lebanon on Tuesday said it will officially adopt a new exchange rate of 15,000 Lebanese Pounds per U.S. dollar, a devaluation of 90% from its current rate. 

The government's recent decision to shift the Lebanese Pound exchange rate from 1,507 to 15,000 is still a far cry from the rate in the parallel market, where the Pound was being traded at a much higher rate of 57,000 per US Dollar on Tuesday. 

See More: Best Crypto Day Trading Strategies

MicroStrategy Inc MSTR CEO Michael Saylor also said that Bitcoin is the hope for Lebanon.

Price Action: At the time of writing, BTC was trading at $23,105 up 1% in the last 24 hours, according to Benzinga Pro.

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Posted In: CryptocurrencyNewsSocial MediaMarketsTechGeneralBitcoinEdward SnowdenLebanonMichael Saylor
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