Amid mass protests in Lebanon, whose participants demand the resignation of the current government, banking institutions announced the suspension of their activities. Meanwhile, local crypto amateurs are urging residents to exchange fiat for cryptocurrency.
Well-known trader Nassim Taleb noted on his Twitter blog that the situation in this country perfectly demonstrates the meaning of the existence of cryptocurrency. He explained that a person may lose access to the services of the bank at the most necessary moment for him, while blockchain and cryptocurrency are available to mankind at any time. Taleb also drew attention to the fact that banks can try to intimidate people in order to avoid accountability and payments. The trader believes that bankers are legitimate scammers.
The most potent case for cryptocurrencies: banks are never there when you need them. And they are trying to bully the public so they avoid accountability and profit disbursements.
Bankers are legal crooks. #bottomup #bitcoin #Lebanon https://t.co/Fp3QPFFkJQ
Nassim Nicholas Taleb (@nntaleb) October 24, 2019
The troubled situation in Lebanon has been observed for about a week. Local residents accuse the authorities of corruption. Initially, the protests began after it was proposed to introduce new taxes on calls through the WhatsApp service, as well as other messengers. As a result, it came to the point that financial institutions suspended their activity for at least a week, until the restoration of stability in the country. So, some seriously think about switching to BTC and invite others to do it.