hello folks you have reached the cryptocurrency portal and today we're going to go over a little bit coin information because you can see in the headlines this worsening lebanese crisis may spark bitcoin adoption now remember the name bitcoin is usually just generic for the cryptocurrency space but yet again this is a use case so when there's uncertainty in a country or there's political turmoil or there's geopolitical things going on and central banks in those countries whichever country maybe start doing their shenanigans there is more and more reasons and use cases why people need to gravitate towards blockchain Bitcoin and other cryptocurrencies in general so we can follow the money so let's check this out it says then me the Middle Eastern nation of Lebanon has been suffering its worst civil and economic crisis since its civil war in the mid 1970s with no end in sight the desperate yet resourceful population may start to explore Bitcoin and again or other cryptocurrencies as a weapon against the politically corrupt political and banking systems which you probably say about a lot of countries in the world being corrupt political and corrupt banking systems in general Belem crypto first reported on the civil unrest in Lebanon in October demonstrators took to the streets to voice their objection to a plan tax hike on tobacco fuel and telecom tariffs as is often the case this quickly morphed into a general movement against political and financial corruption Bitcoin the alternative as the protests kicked off the nation's Bank were quick to shut their doors when they reopened after weeks have essentially denying depositors the rights to access their own money the institution's enforce harsh withdrawal limits and restricted international transfers according to Euro money the resulting demand for US dollars has created a black market that has seen the exchange rate increased by around 33 percent despite the Lebanese Pound being officially pegged to the us
dollar been in crypto has reported on numerous examples of some really restrictive banking policies being a potential catalyst for Bitcoin adoption since Bitcoin is free from the inflationary pressures of overzealous central banks many analysts have argued that it can serve as a way for population to quote opt out of an economy and as a check to the power of the banks what might set Lebanon apart from similarly unstable nations as how self-reliance the population there can be in the wake of worsening economic situation there the people are coming together to help one another without the input of the authorities people run initiatives in the following video which we're not gonna actually play just for copyright issues and Al Jazeera reports documents and initiatives run by people themselves to help others survive the ongoing hardship Baker's have been offering free bread to the poor and according to AP news some citizens have formed a what's up group to help raise funds funds for those worst off in their society so despite their quickness to turn to the community rather than the authorities it would of course be naive to suggest the Lebanese people will suddenly adopt Bitcoin as a further act of protest with many people facing a choice between starvation and suicide learning about Bitcoin is probably a long way from most citizens agendas that said Bitcoin does offer an alternative to the centralized and often corrupt banking systems that are frequently at the heart of such incidents of civil unrest the longer Bitcoin exists as a potential check to these institutions the more likely it is that a population will become desperate enough to fully reject their own fiat system in favour of an alternative with major unrest occurring more frequently around the world information about just how corrupt the current system is can only spread such knowledge could lay the groundwork for a mass adoption of Bitcoin in the future so this is just one of probably many just just situations that can happen around the world with political unrest it seems like there's political unrest going on all over the world now a social media how information spreads so quickly it's easier for protesters get out there which good to rise up against governments but as this headline says worsening in Lebanese crisis may spark Bitcoin adoption this could be kind of the template for other countries to do the same thing to get out from under these central bankers they kind of put people as economic slaves to to the system so with that said let us know what you think in the comments section below it's just kind of more of a thought process today and if you're already subscribed to the channel thank you very much and if you're not a subscribed to the channel yet hopefully you've earned your trust by bringing up this type of conversation and we'd be honored with your subscription to the channel if you like this video please smash the thumbs up button really helps out the channel so again leave a comment in the comment section below we can have a discussion about Bitcoin adoption in these countries they have geopolitical issues or just financial turmoil or just leave a comment about any topic and we can have a community discussion about it so thank you very much for tuning in to the cryptocurrency portal [Music] you
