Michael Saylor sees Bitcoin as Lebanon’s ‘hope’.

Former MicroStrategy head Michael Saylor called Bitcoin the ‘hope’ for Lebanon, whose national currency has fallen by 96% against the US dollar.

#Bitcoin is hope for #Lebanon, where the currency has lost 96% of its value vs USD and the banks have failed.https://t.co/DkKrC4zgGY

— Michael Saylor⚡️ (@saylor) November 5, 2022

To back up his words, Saylor pointed to a CNBC article about hyperinflation in Lebanon.

Journalists spoke with a local resident, Georgio Abu Jebra’el, who freelances and uses Bitcoin to receive payment for his services and to accumulate savings. He explained that if he were to withdraw US dollars from a bank, he would receive Lebanese pounds at an unfavourable rate and lose about half of his earnings.

According to CNBC, the local currency has fallen more than 95% since August 2019, inflation has reached triple digits, and the minimum wage has fallen from $450 to $17.

Residents see cryptocurrencies as a lifeline, the publication notes. For some, mining has replaced full-time work.

“Bitcoin has really given us hope. I was born in my village, have lived here all my life, and Bitcoin has helped me stay here,” said Jebra’el.

Michael Saylor is a well-known Bitcoin advocate. He calls the first cryptocurrency the most reliable thing in a volatile world and the global reserve asset.

Despite the drop in Bitcoin’s price, Saylor stressed that MicroStrategy does not plan to liquidate its crypto reserves and will continue to hodl even in difficult market conditions.

In September, Saylor predicted a new Bitcoin high within four years.

Earlier, he criticised central bank digital currencies for instability and doubted their success.

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