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Cryptoadoption: Young people in this declining country prefer to cash in Bitcoin.



The financial crisis in Lebanon that began in 2019 has grown in severity. Since then, the country’s national currency has lost more than 95% of its value, and the effect of this has been felt on the economic facet of the country.

For example, the national minimum wage, which was equivalent to $450 in 2019, has depreciated to just $17.

Cryptocurrencies – A viable and independent alternative.

Freelancing is becoming increasingly popular in the country, especially among the younger population, who are increasingly exploring the possibility of cashing out in higher currencies.

In a report, Georgio Abou Gebrael, a 27-year-old architect from Beit Mery, explains that he now receives 90% of his income in BTC for his freelance work. According to him, getting paid in crypto makes his earnings more valuable than getting paid in fiat.

If he were to be paid in fiat by international transfer, the exchange rate of banks in Lebanon would deprive him of a significant portion of the value of his earnings. In such circumstances, he would lose up to 50% of the value of his remuneration. That is why he prefers to be paid in Bitcoins.

Read also. Top 10 cryptocurrencies with the highest potential you can buy in April 2022

Bitcoin and cryptocurrencies in general allow the country’s citizens to have an independent marketplace where they meet online to exchange their cryptocurrencies for U.S. dollars.

They can then use the dollars for ordinary purchases and transactions. This has become a timely intervention for many who are taking advantage of this opportunity to escape the economic hardship resulting from a failed economic system.

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