It is completely surprising how Lebanon residents could still come up with fun acts while demonstrating their anger on the continuously falling Lebanese pounds (LBP). This comes at the heap of the current protest in the country.
As Lebanese storms, the streets to mark their dissatisfaction on their plummeting local currency, a group of protesters were seen demonstrating the death of Lebanese pound with the trending Ghana pallbearers dance. A tweet shared by Nathaniel Whittemore confirmed the development.
In the video clip, a group of protesters were carrying a casket which supposedly represents the local currency. Each of them wore a face mask so that they referenced the pallbearers. The accompanying soundtrack was being played, as they protested with it.
Oh my sweet god.
A demonstration in Lebanon has recreated the Ghanaian dance funeral meme IRL to announce the death of the local currency, which is off more than 60% since late last year.
You can’t make this stuff up.
— Nathaniel Whittemore (@nlw) May 1, 2020
The death of Lebanese pound
For years now, things have gone sour for the Lebanese, due to the economic crisis in the country which had to affect the local currency. At a point, the Lebanese pound began nosediving heavily to the extent of losing out by over 60 percent late last year.
In a bid to save the dying economy, banking institutions in the country decided to adopt informal capital controls. However, this came as a stringent measure, thereby resulting in more problems for the residents, and the economy of Lebanon.
Things got even worse with the outbreak of the Coronavirus, as many struggling businesses in the country were forced to halt activities. This alone caused more people to become unemployed, amid their plummeting currency.
The continuous fall of the currency escalated the anger of the residents towards the government. In addition to storming the streets, the Lebanese recently went as far as setting local banks on fire due to the outrageous decline of the currency value, which is probably resulting in hunger.
Time to give crypto a chance
Moments like this best defines the difference between digital currencies and fiat currency. Unlike fiat, digital currencies like Bitcoin provides the freedom of money to users. It can never be controlled by any banking institution or the governments.
This and many other reasons are why cryptocurrencies will be accepted as a viable store of value, as well as money.
