Bitcoin's popularity is growing fast in the Middle East

Lately, many people have wondered if bitcoin can qualify as a "safe haven" asset. Some say no, considering that he has not been able to withstand the pressures caused by the coronavirus panic.

The Middle East sees Bitcoin differently

However, it appears that many traders and miners in the Middle East would disagree. Analyzes suggest that bitcoin and other forms of cryptocurrency are considered safe havens in these states, which are often forced to face difficult economic conditions and sanctions imposed by the United States.

Rami Mohammad Ali, a miner and trader residing in Palestine – says that among the people in his area there has been a race to buy bitcoins and other digital goods in the past few weeks. To date, it claims to have sold around 30 bitcoin units to around 90 separate customers.

This represents huge growth compared to the numbers six months ago, when it sold only 20 units to around 50 customers. He claims that the great appeal of bitcoin is that it can be accessed easily. In addition, it can be quickly exchanged with people who are abroad.

Many of its buyers are family members of people who are remote or work abroad. They buy the coins and distribute them as needed to the people they care about. A bitcoin trader in Tehran, Iran – who chose to remain anonymous – said that the citizens of his country are starting to show a new interest in bitcoin and that many will probably try to create a small investment in bitcoin, to be added to small reserves of money and gold.

He says: “Bitcoin is a revolutionary product, but it needs some new revolution. In the past, people thought that bitcoin was a new type of scam. Now, bitcoin is more reliable. "

A country so far excluded, which wants to resume the scene

Companies like Gate Trade – which analyze the habits and financial models of companies in the Middle East and abroad – say that there are about 30 business initiatives in Iran alone that use cryptocurrencies compared to the standard fiat.

Mohammad Alsobhi – a bitcoin trader in Yemen – says that although the crypto arena in his region has not been particularly large in recent years, the situation is starting to change.

He claims to have noticed more ongoing bitcoin exchanges, along with higher use of cryptocurrencies in general. He says that the presence of bitcoin in Yemen is constantly growing and that he would like to have the necessary equipment to extract new coins.

Alsobhi explained: “If I had the skills available in developed countries, I would have made great progress in this area. Most companies operating globally … exclude Yemen. "

At the moment, it seems that the nation has fallen into the "war-torn" category, that is, all of those countries devastated by conflicts, and that many companies – such as Google Pay – are not willing to offer their services to their citizens, making the very limited financial space for residents.