{"id":69683,"date":"2022-11-07T18:01:25","date_gmt":"2022-11-07T16:01:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69683"},"modified":"2025-09-07T21:34:20","modified_gmt":"2025-09-07T18:34:20","slug":"michael-saylor-sees-bitcoin-as-lebanons-hope","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/michael-saylor-sees-bitcoin-as-lebanons-hope\/","title":{"rendered":"Michael Saylor sees Bitcoin as Lebanon&#8217;s &#8216;hope&#8217;."},"content":{"rendered":"<p>Former MicroStrategy head Michael Saylor called Bitcoin the &#8216;hope&#8217; for Lebanon, whose national currency has fallen by 96% against the US dollar.<\/p>\n<blockquote class='twitter-tweet'>\n<p lang='en' dir='ltr'><a href='https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw'>#Bitcoin<\/a> is hope for <a href='https:\/\/twitter.com\/hashtag\/Lebanon?src=hash&#038;ref_src=twsrc%5Etfw'>#Lebanon<\/a>, where the currency has lost 96% of its value vs USD and the banks have failed.<a href='https:\/\/t.co\/DkKrC4zgGY'>https:\/\/t.co\/DkKrC4zgGY<\/a><\/p>\n<p>\u2014 Michael Saylor\u26a1\ufe0f (@saylor) <a href='https:\/\/twitter.com\/saylor\/status\/1588934546720174080?ref_src=twsrc%5Etfw'>November 5, 2022<\/a><\/p>\n<\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>To back up his words, Saylor pointed to a CNBC article about hyperinflation in Lebanon.<\/p>\n<p>Journalists spoke with a local resident, Georgio Abu Jebra&#8217;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.<\/p>\n<p>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.<\/p>\n<p>Residents see cryptocurrencies as a lifeline, the publication notes. For some, mining has replaced full-time work.<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p>\u201cBitcoin has really given us hope. I was born in my village, have lived here all my life, and Bitcoin has helped me stay here,\u201d said Jebra&#8217;el.<\/p>\n<\/blockquote>\n<p>Michael Saylor is a well-known Bitcoin advocate. He calls the first cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-bitcoin-is-the-most-reliable-asset-in-a-volatile-world\">the most reliable thing in a volatile world<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-bitcoin-is-a-world-reserve-asset-but-not-a-currency\">the global reserve asset<\/a>.<\/p>\n<p>Despite the drop in Bitcoin&#8217;s price, Saylor stressed that MicroStrategy <a href=\"https:\/\/u1f987.com\/en\/news\/microstrategy-chief-says-no-plans-to-sell-its-bitcoins\">does not plan<\/a> to liquidate its crypto reserves and <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-microstrategy-will-continue-to-hold-bitcoin-even-in-adverse-market-conditions\">will continue to hodl<\/a> even in difficult market conditions.<\/p>\n<p>In September, Saylor <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-sees-bitcoin-hitting-a-new-all-time-high-within-four-years\">predicted a new Bitcoin high<\/a> within four years.<\/p>\n<p>Earlier, he <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-questions-the-prospects-for-national-digital-currencies\">criticised<\/a> central bank digital currencies for instability and doubted their success.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href='\/\/telegram.me\/forklog' target='\u201c_blank\u201d' rel='\u201cnofollow\u201d noopener'>Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former MicroStrategy head Michael Saylor called Bitcoin the &#8216;hope&#8217; for Lebanon, whose national currency has fallen by 96% against the US dollar.<\/p>\n","protected":false},"author":1,"featured_media":69684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2021,1208,1138],"class_list":["post-69683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-lebanon","tag-michael-saylor","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69683"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69683\/revisions"}],"predecessor-version":[{"id":69685,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69683\/revisions\/69685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69684"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}