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Locals Mine Bitcoin And Buy Groceries In This Bankrupt Country

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TRENDING GLOBALLY

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1

Some Lebanese have turned to crypto because of the unsustainable financial system in Lebanon.

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2

Locals are now mining Bitcoin, storing their wealth with cryptocurrency, and making payments using Tether.

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3

CNBC reports that cryptocurrencies are a "lifeline" for many Lebanese residents.

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4

Microstrategy CEO Michael Saylor stated that Bitcoin is the hope for Lebanon, supporting this recent trend.

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5

Southern Lebanon has cheap electricity, which allows miners to make more money, and people are shifting towards that part of the country.

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6

According to Chainalysis, Lebanon is second in the Middle East and North African countries for the amount of cryptocurrency received.

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7

Reports claim they also trade the cryptocurrency tether to make U.S. Dollars through Telegram groups.

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