Demand for Bitcoin in Lebanon is at an all-time high. With limited supply, this is fetching double average prices on popular exchanges.
Is this the beginning of the biggest Bitcoin rally? One that possibly tops the 2017 boom?
The year 2020 is tipped to be one of the most bullish years for Bitcoin. The digital asset has an array of positive developments and potential triggers.
This range from the Halving, global recession caused by COVID-19, to growth in adoption over the last year.
Mos in the crypto community are expecting the same numbers as seen back in 2017. As we reported analysts expect Bitcoin to land between $12K and $300K in the next two years.
Of course, $12K is conservative since this is below its year high and $8K short of its ATH reached back in 2017. Furthermore, in some places, this is already being achieved.
In Lebanon, Bitcoin is trading for as high as 22,678,227.03 LBP which equals $15,000. This is around double the global average.
What Has Triggered BTC Demand In Lebanon?
On top of all the global crisis affecting most countries in the world, Lebanon is facing further problems at home. Prior to the COVID-19 outbreak, the country was already facing a financial crisis.
In the last month, the local currency has crashed by around 50% against the dollar since Oct 2019. This has been a warning sign for citizens and many are seeking haven in Bitcoin.
With the pandemic, the situation is only getting worse with hyperinflation increasing and social unrest.
Lebanon might be the first to fall but it is def not going to be the last.
Most third world countries face the same fate. Without the option to print money like the U.S, the U.K, and other huge economies, lost jobs, mounting global debt, and a dying health care system, these economies will be brought to their knees. And the recovery will take years.
With Bitcoin price continuing to rise, supply expected to be halved in the next two weeks, the digital asset is now at a discount.
In the next few months, we are looking at the return of the 2017 boom using a conservative outlook.
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