MicroStrategy CEO Michael Saylor has offered a solution by stating bitcoin (BTC) as the solution to the ongoing financial crisis in Lebanon.
In one of his most recent tweets, Saylor noted that if there are concerns that the government will reduce 90% of people’s savings then Bitcoin could be used as a solution.
His statement was issued in response to reports that Lebanon's official currency, the LBP, fell to its lowest level on June 13. Reuters reported that LBP traded at 1,515 per US dollar. About a 90% decrease from the value recorded in 2019.
The country's financial decline coincided with the worsening political stalemate. Clashes between Prime Ministerial candidate Saad al-Hariri and Lebanese President Michel Aoun have hampered the formation of a cabinet.
Meanwhile, supplies in the country are starting to run out. Includes medical supplies, plus foreign reserves that provide basic subsidies such as wheat and fuel.
However, Michael Saylor is not the first to suggest crypto as a potential solution to the problem. Some analysts are also suggesting crypto as an alternative system for banks for now.
Different reports indicate that the people of Lubna have already begun to turn to crypto as an alternative investment.
As strong supporters of BTC, Michael Saylor and his company MicroStrategy have increased their holdings of cryptocurrencies. Now MicroStrategy itself has 92,079 BTC.
