When Georgio Abou Gebrael initially heard about BTC in 2016, he thought it was like a scam. By 2019, however, when Lebanon faced a financial meltdown due to several decades of costly wars and poor economic decisions, a decentralized and global virtual currency functioning outside the power of politicians and bankers seemed like salvation.
Gebrael was a great architect who grew up near Beit Mery, a hamlet eleven miles away from the east of Beirut. He’d lost his job and wanted to find another means to obtain money soon. According to Gebrael, the banks will be shuttered in the early spring of 2020, and people will be unable to withdraw funds from their accounts. Receiving money by global money transfer was also a bad idea because these firms would accept USD from the donor and deliver Lebanese pound to the receiver at a significantly cheaper rate than fair value, claims the 27-year-old.
Gebrael stated that he’d lose almost half of the amount and indicated that he was considering Bitcoin (BTC) because it was a fantastic method to receive foreign currencies. Gebrael landed into a forum devoted to matching freelancers with businesses that wanted to pay in BTC. The architect’s initial project was to shoot an ad for a tyre business. Gebrael received $5 in BTC. Despite the small sum, he was fascinated.
Gebrael Receives an Income of 90% in Bitcoin(BTC)
Gebrael now earns 50% of his salary from freelance services, 90% income of which has been paid in BTC. The other side comes via his modern architecture firm’s compensation in US dollars. Bitcoin has become his bank and a simple means to generate income.
Whenever he gets rewarded for his architectural work, he withdraws all of his income, said Gebrael. He subsequently spends that money on BTC every Saturday. He retains the remainder as making purchases for everyday necessities and house improvements.
The Exchange Rate Drops over 95% of the Value
Gebrael is not alone in looking for alternate methods to make, save, and waste cash in Lebanon, a state whose financial sector is fundamentally dysfunctional due to many years of incompetence. The exchange rate of the country has dropped over 95% of its value since August 2019, the basic income has already effectively dropped from a range of 450$ to17$ per 30 days, pensions are practically worthless, and Lebanon’s inflation rate touches triple-digit as anticipated to be comparable to only Sudan in the current year, as well as bank accounts balances are just figures on paper.
People have completely lost trust in the financial system. CNBC has spoken to some people, most of whom saw bitcoins as a means of survival. Several people mine digital currencies as their primary source of earning while looking for work. Others organize secret Telegram meetups to exchange the stable-coin tether for USD to purchase food. Although the shape that crypto acceptance takes differs based on the individual and the conditions, virtually each of these people wants a meaningful relationship with money.
Gabriel added that Bitcoin had indeed given them hope; he was raised in his town and had lived there his entire life, and BTC has assisted him in remaining there.
