The recent fall in the price of bitcoin has not caused people who live in the Middle East to lose faith. In fact, it is slowly becoming very popular because of the price drop. There are certain places in the Middle East where people are losing faith with the national banking system of their country. In these places, converting cash to bitcoin is becoming more common every day. This has been the case in the country of Iran in the wake of the devastation caused by the coronavirus. Iran’s economy has spiraled out of control. People are panicking because they are afraid of losing everything if they keep their money in the banks. Therefore, bitcoin is being sold there at a very rapid rate.
Iran is not the only country in the Middle East that has taken advantage of bitcoin. Lebanon has seen an explosion in small bitcoin mining operations that have been surprisingly profitable. Once again, Lebanese people feel that bitcoin is an asset that is more dependable than anything else right now. They are not concerned about the recent price drops. In some cases, the global crash of bitcoin is the only reason many people in the Middle East can afford to buy bitcoin.
Middle Eastern people are also becoming much more skilled with computers. According to coindesk.com, this has allowed them to follow the bitcoin market and buy at strategic times so they can make the most profit. Yemen also has many people who have invested in bitcoin over the past few years. However, the sanctions that have been placed on Yemen recently have hindered the ability of bitcoin traders to do business in the country. There are still ways that computer savvy people can go about doing it. The wars that have been raging in Yemen have driven many people to invest in bitcoin to protect their savings.
The exact amount of bitcoin trading that is going on right now in countries like Yemen and Iran will never really be known for sure. This is because of the fact that most trading is done in secret. This is necessary because of the national and international restrictions that are in place to monitor and regulate such transactions. Therefore, the people who deal in bitcoin do not want to be known. They will stay in the shadows to avoid being observed. It seems very likely that bitcoin will only get more popular in the Middle East.
