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Hyperinflation fuels Bitcoin’s rise in Turkey and Lebanon, experts say

At the Plan B Forum in Switzerland, Rikki and David from the Bitcoin Explorers Project shared their observations on cryptocurrency adoption in Turkey and Lebanon, countries currently grappling with severe inflation. Crypto in Turkey Rikki described the rampant inflation plaguing Turkey, with prices rising 60% annually, according to official statistics, and possibly

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Mining 1 BTC in Lebanon is 783x cheaper than Italy: CoinGecko

There is a significant worldwide contrast in household electricity expenses for individual Bitcoin (BTC) miners. While producing one Bitcoin in Italy costs $208,500, in Lebanon, it’s roughly 783 times cheaper, according to a recent report.Published on Aug. 17, CoinGecko’s report revealed that only 65 countries are profitable for solo Bitcoin miners, based

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Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings – Economics Bitcoin News

On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and protests at banks in order to access their own savings accounts. Since the economic collapse in 2019, Lebanon’s banks froze Lebanese bank accounts, and a number of branches have remained closed indefinitely. The deprivation of wealth

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Lebanon Inflation Rate Surges to 211%, Economist Steve Hanke Recommends a Currency Board – Economics Bitcoin News

As political leaders in crisis-hit Lebanon bicker over positions in the yet-to-be-formed government, the country’s runaway inflation rate surged to 211% in May 2022, new data has shown. Economist Steve Hanke insists that a currency board is a solution to Lebanon’s currency woes. Black Market in Fuel Driving Inflation The inflation

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Lebanon Planning to Devalue Currency by 93%, Depositors to Lose $38 Billion – Economics Bitcoin News

The Lebanese government is reportedly planning to devalue the local currency by up to 93% in a desperate bid to receive funding from the International Monetary Fund (IMF). As part of the plan, a major portion of foreign currency deposits in the banking system will be converted into local currency

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Don’t Buy Bitcoin, Says Wealth Exec as Lebanon Chooses BTC Over Fiat

Bitcoin (BTC) is not what young investors should buy after the coronavirus crash, says the man who once said that the biggest cryptocurrency faces an “inevitable death spiral.”Speaking to CNBC on May 21, Peter Mallouk, president and chief investment officer at wealth management firm Creative Planning, claimed that stocks and

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