January 29, 2023

Nassim Taleb: “The closure of banks in Lebanon marks a quick transition to cryptocurrencies”

Well-known American economist and trader Nassim Taleb (Nassim Taleb) said that the closure of banks in Lebanon may lead to a massive transition to cryptocurrencies.

Lebanon's financial institutions and bankssuspended their activities as a result of mass protests of residents against the Lebanese government, which is accused of corruption. Local banks refuse to serve the population until the situation in the country normalizes.

Many crypto enthusiasts believe that suchthe situation can happen not only in Lebanon, but also in any other country, which is a convincing argument in favor of bitcoin and other digital currencies. They justify their words by the fact that, in comparison with money in the bank, to which centralized authorities can close access or debit it from the account without the consent of the user (for example, to pay fines), cryptocurrency will always remain at the disposal of people.

According to Nassim Taleb, who was born in this country, residents suffering from riots or the arbitrariness of the authorities can find a solution to their financial problems in cryptocurrencies.

“Banks act only in their own interests. They can even bully people to make a profit at all costs, ”Taleb wrote on his Twitter account.

Earlier, Nassim Taleb already called his bitcoinkind of "insurance" against such cases, because no state or central authority can control it. According to the economist, even if Bitcoin fails, it can be easily recreated in the future, knowing the principles of its work.

Recall that many international banks are ready to refuse to serve Facebook after the launch of Libra, while the central banks of different countries plan to issue their own stablecoins.