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.

Read Next: Bitcoin, Ethereum, Dogecoin Spike Ahead Of Fed Decision: Analyst Sees Apex Crypto Hitting 'Triple-Headed Resistance Monster'

Posted In: CryptocurrencyNewsSocial MediaMarketsTechGeneralBitcoinEdward SnowdenLebanonMichael Saylor
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...