Edward Snowden, Michael Saylor Say Bitcoin Will Solve Lebanon Currency Woes

Former U.S. Intelligence contractor Edward Snowden said that Bitcoin is a fix to Lebanon's sudden currency devaluation.

*whispers* bitcoin fixes this pic.twitter.com/wSxQgMnM9m
— Edward Snowden (@Snowden) January 31, 2023

What Happened: According to a report by Reuters, Lebanon on Tuesday said it will officially adopt a new exchange rate of 15,000 Lebanese Pounds per U.S. dollar, a devaluation of 90% from its current rate.

The government's recent decision to shift the Lebanese Pound exchange rate from 1,507 to 15,000 is still a far cry from the rate in the parallel market, where the Pound was being traded at a much higher rate of 57,000 per US Dollar on Tuesday.

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MicroStrategy Inc MSTR CEO Michael Saylor also said that Bitcoin is the hope for Lebanon.

#Bitcoin is hope for #Lebanon.https://t.co/LjKJWkudFr
— Michael Saylor� (@saylor) January 31, 2023

Meanwhile, the price of Bitcoin in Nigeria has risen to far surpass the global market average, thanks to the Central Bank of Nigeria's call for a digital and cashless economy. On NairaEX, a Nigerian crypto exchange, a Bitcoin is presently worth an incredible 17.2 million naira – that's a whopping $37,296.

Price Action: At the time of writing, BTC was trading at $23,105 up 1% in the last 24 hours, according to Benzinga Pro.