The Lebanese currency drops 50% in ten days - it's now worth one satoshi

Lebanon's national currency continues to depreciate amid the deepening currency crisis, and unofficial reports indicate that the Lebanese pound, or lira, lost 50% of its purchasing power in less than two weeks.

On Jul 2 local cryptocurrency supporter Saifedean Ammous, author of The Bitcoin Standard, tweeted that after "losing half its value in the last 10 days, the Lebanese lira is now worth one satoshi."

On June 21, Ammous noted that "ten years ago, one Lebanese lira was worth 0.67 Bitcoin."

"Imagine spending 45 minutes translating Bitcoin to a group of Lebanese, and then one of them asks," but without central bank regulation, what guarantees the value of Bitcoin? "

- Ammous wrote the day before.

The exact exchange rate is difficult to confirm as the Lebanese lira has been officially priced at $ 0.00066 since 1997, but chronic mismanagement has led to the creation of a parallel market for the currency. Reports show that its value has fallen 86% in about one year.