Former US intelligence contractor edward snowden He said that Bitcoin is a solution to the sudden devaluation of Lebanon’s currency.

What happened: According to a Reuters report, Lebanon said on Tuesday it will officially adopt a new exchange rate of 15,000 Lebanese pounds to the US dollar, a 90% devaluation of its current rate.

The government’s recent decision to change the exchange rate of the Lebanese pound from 1,507 to 15,000 is still a long way from the parallel market rate, where the pound was trading at a much higher rate of 57,000 to the US dollar on Tuesday.

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microstrategy inc MSTR CEO michael saylor He also said that Bitcoin is the hope for Lebanon.

price action: At the time of writing, BTC traded at $23,105, 1% more in the last 24 hours, according to Benzinga Pro.

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