Lebanese banks have been imposing restrictive informal capital controls as the country has spiraled into its worst economic crisis in decades. Currency withdrawals are limited to between $50 and just a few hundred dollars a month.
Max Keiser and Stacy Herbert discuss what people around the world can do to transfer their wealth out of the collapsing banking system.
In Lebanon we have a test case of what is better, gold or bitcoin, Max says.
He explains: “People are selling gold to buy bitcoin. That proves that bitcoin is a greater and more portable store of value than gold. And that’s going to be the story all over the world.”
According to Max, people can’t take their gold across the border because it’s too heavy and too obvious, but they can take bitcoin. “And that’s what people are doing; they are fleeing with their bitcoin, whether this is in China, Lebanon or all over the world.”
Gold is not the store of value that bitcoin is, Max says, adding that “bitcoin is our savior.”
“They [central banks – Ed.] can kind of restrain people from having access to their capital but that’s all the kind of techniques that we saw before the bitcoin.”
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