If you follow the political, economic, or even military situation in the world, you must be aware of the conflict unfolding in Lebanon. Due to the unrest in the entire country, the situation has escalated to a state when most of the banks throughout the country have been closed for over two weeks now.

The situation in the country deteriorated after the largest protests in ten years took place all over Lebanon this month. The population protested mainly against extreme corruption in the government but also against the problems with the country’s huge debt. The situation is becoming worse day by day, but the protesters allegedly won’t give up until they win.  

Lebanon is in a really bad situation now. This is evidenced also from the fact not only most of the schools and universities but also most of the banks are closed. This directly affects over 65% of the country’s population who have created bank accounts for themselves or their companies. The temporary ban on withdrawing cash may dangerously undermine the economic situation in the country.

But how is this all connected to cryptocurrencies? In the same way as in the case of the protests in Hong Kong which we called attention to a few days ago. At the time of uncertainties like Lebanon is facing now, protesters may turn to cryptocurrencies and use them in the shops where these digital means of payment are accepted.

Nassim Taleb, author of one of the most popular trading books, “The Black Swan”, agrees with this view.

“The most potent case for cryptocurrencies.”

And Nassim Taleb did not end there. His criticism went on and was directed mainly at banks.

“Banks are never there when you need them.” “And they are trying to bully the public. Bankers are legal crooks.”

Bitcoin and the other cryptocurrencies may help even in other countries. There are more places like Hong Kong and Lebanon in the world where BTC might help. They include countries in South America (e.g. Argentina, Chile, Venezuela) or Africa (Nigeria, South Africa, Egypt). Therefore, it is wise to monitor the crypto trading volumes in the given countries because they may increase in the near future, just like they are increasing in Hong Kong now.