Former U.S. Intelligence contractor Edward Snowden said that Bitcoin is a fix to Lebanon's sudden currency devaluation.
*whispers* bitcoin fixes this pic.twitter.com/wSxQgMnM9m— Edward Snowden (@Snowden) January 31, 2023
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.
Meanwhile, the price of Bitcoin in Nigeria has risen to far surpass the global market average, thanks to the Central Bank of Nigeria's call for a digital and cashless economy. On NairaEX, a Nigerian crypto exchange, a Bitcoin is presently worth an incredible 17.2 million naira – that's a whopping $37,296.
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'
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month