Despite Great Snow, Lebanon's Ski Season Suffers Amidst Crisis

People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
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Despite Great Snow, Lebanon's Ski Season Suffers Amidst Crisis

People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher

It is a sunny day on Lebanon’s ski slopes after weeks of snowfall but, as the economic crisis bites, there is no sign of the traffic that would typically jam the road.

“It is still slow, but the weather is great and the snow as well, so we invite everyone to come,” said Nicole Wakim Freiha, marketing and development manager of Mzaar ski resort, which has slashed prices by 30% in a bid to entice skiers.

With views stretching out to the Mediterranean to the west and Syria to the east, Mzaar has some of Lebanon’s best ski runs. But several of the slopes have remained closed since the first heavy snow in December, reflecting demand.

Tourism has traditionally been an important part of the Lebanese economy, which is mired in its worst crisis since the 1975-90 war. The crisis has led banks to impose tight restrictions on how much cash savers can withdraw, forcing even those with money to think more carefully before they spend.

“This year it is looking less crowded, this year when we came on the road, traffic was less,” said tour guide Bassam Dalle. “It’s obvious, we all know why.”

A Finnish guide who organizes snowmobile tours in the area said a third of the Nordic tourists who had booked with him this year had canceled.

“It’s a fantastic place, amazing mountain ranges ... plenty of snow, sunshine, warm, and people are very friendly, so it’s a dream destination,” said the guide.

Skier Gaby Tabbal was enjoying the day, though several slopes were shut. Though numbers were down, he noted there were still people skiing: “This is the first day this year, the weather is beautiful, the snow is beautiful.”



Record-Breaking Bitcoin Surges Towards $90,000 on Trump Boost

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
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Record-Breaking Bitcoin Surges Towards $90,000 on Trump Boost

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)

Bitcoin rallied to the verge of $90,000 on Tuesday, riding a wave of euphoria since the election of Donald Trump as US president on expectations his administration will be crypto friendly.

The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $89,982 - a gain of around 30% since Nov. 5. It was last down 1.4% at $86,730.

Bitcoin is surging along with Elon Musk's automaker Tesla, which is up nearly 40% since voting results rolled in, as investors figure Trump's friends and interests will do well while he is in office.

"The crypto enthusiasts think they have a like-minded incoming president," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

"The thing about bitcoin at the end of the day is that there is no valuation anchor to it, it's hard to get a grip on fair value. So when sentiment is very positive, it does get carried away a lot more than other asset classes."

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

It is not clear how or when that could happen, but the possibility drove a speculative surge in crypto mining and trading stocks.

"I think it increases the chances that other nation states buy bitcoin in a bid to front run the US," said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.

"Additionally, I think it would be a crazy catalyst for the US listed bitcoin miners ... given possibilities of such entities getting nationalized."

Crypto miner Riot Platforms jumped nearly 17% on Wall Street on Monday. Fellow miners MARA Holdings and CleanSpark leapt nearly 30%.

Software company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares rose 26% on Monday.

"Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves," Nick Twidale, chief market analyst at ATFX Global in Sydney, said of the bitcoin rally.

"The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above."

The euphoria extended across the crypto landscape with smaller tokens such as ether and dogecoin surging, although they dipped on Tuesday morning in Europe.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September.

"What we're seeing isn't just a price milestone; it's a signal that the market is warming to the idea of bitcoin as a more stable, even politically favored, asset," said Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock.