Imagine that overnight your money is no longer worth anything, the government of your country declares bankruptcy and as a desperate measure exercises total control over the finances of the population, forcing a large part of the citizens to limit their weekly transactions and prevent them from withdrawing their money abroad. Such is the case of Lebanon, a country trying to emerge from a painful civil war and now suffering the rigors of the destruction of the local banking system.
Basically, the Lebanese rulers devoted themselves to finance their debts by relying on the goodness of fiat money, that is to say, by printing to infinity their local currency, the Lebanese lira, which as a consequence of this action was devaluating against the US dollar in an exorbitant way, generating an uncontrollable hyperinflation and an external debt impossible to pay, in short: the country is bankrupt.
Although the impossibility of reactivating the economy as a consequence of the COVID-19 pandemic has played a decisive role in the economic catastrophe of this small Asian country, it is also true that this only accelerated the inevitable: the total collapse of the economy (and of life) in Lebanon. But the fiat system does not care if you are bankrupt or not, what matters is that you pay your debts by creating money out of thin air; the problem is that money devalues and as a consequence of this loss of value governments and individuals resort to debt, i.e., it is like a bottomless pit.
Faced with this situation, the Lebanese central power forces people to withdraw a weekly limit of their money in addition to prohibiting the mobilization of their foreign currencies (dollars, euros), except for the banking sector who took all the foreign currency assets they owned (and those of their clients) to transfer them to international financial institutions; as you may have noticed we are facing a vulgar and classic Ponzi Scam.
Evidently, if you are denied access to your savings and on the other hand your currencies cannot be mobilized, it is clear that the best option is to adopt Bitcoin as an ideal mechanism to combat the severe economic crisis and the abuses of the central power. By sheltering their savings in BTC, citizens are transferring their trust towards a decentralized currency, thus making it impossible to exercise any type of capital control over those who hold this and other cryptocurrencies.
Step by step people are realizing the importance for their lives just by assuming cryptocurrencies, especially BTC, as a monetary sign and valuable asset capable of overcoming inflation and any barrier imposed by the central powers. Recently a poll published on Twitter reflected as a result that more than 57% of Lebanese (mostly young and secular) express their intention in demanding that their salaries be paid in BTC, this in the face of the evident lack of confidence generated by both their local currency and the US dollar.
Meanwhile the government continues to step on the neck of the citizens applying measures that allow them to pay off the debts contracted, at least refinance by handing over the little that is left standing of the country, while they gain a little more time the population already knows that it is impossible to continue to keep afloat the printing of money, therefore the need to adopar cryptos and BTC becomes more palpable as a measure to beat hunger.
Post Data: The rulers will go after bitcoins, so if you do not have them in cold wallets or where you are the owner of your keys they will take them away from you as they do with fiat money.