Why Is Cryptocurrency A Safe Haven During Economic Challenges, Social And Political Dispute

Cryptocurrency in recent times has been a safe haven for disrupted countries and sometimes I just sit and wonder why is it so?, because as regards acceptance and it’s adoption the world countries and leaders seem not to be interested at first as they see these digital assets as a replacement for their traditional currency and financial establishment due to how it was been developed.

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In recent times we have seen how these digital assets have come into play when traditional mode of transacting business/ making payment is being disrupted either by dispute politically influenced and non politically influenced. The current situation in Lebanon is another example of it has it’s been said that the country is turning to the acceptance of cryptocurrency in a statement made;

“For many, that’s seen as good because we’re not living in a country where regulations and politicians give us hope – quite the opposite. But it does harm widespread adoption (of cryptocurrency),” one of the traders opined.

Well the Lebanon youths are turning to crypto and it’s related activities as they said that it’s really more profitable for them due to the cheaper electricity prices as regards the mining processes;

“Even if you’re making $10 a day with a normal computer, that’s now several times the minimum wage. After what we’ve been through, I’m never putting one cent back in a Lebanese bank.”

Well the current crisis in Lebanon has begun to worsen with the government shutting down banks which has in a way affected the economy directly.

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