Bitcoin Popularity Is Growing Heavily Amongst Middle Easterners

As of late, many people have been questioning whether bitcoin qualifies as a “safe haven” asset. Some say no, considering it was not able to withstand the pressures caused by panic over the coronavirus.

The Middle East Sees Bitcoin Differently

However, it looks like many traders and miners in the Middle East would disagree. Evidence suggests that bitcoin and other forms of crypto qualify as safe havens in these states, given they face tough economic conditions and sanctions brought on by the U.S.

One person – Rami Mohammad Ali, a miner and trader in Palestine – says people in his area have been purchasing bitcoin and other digital assets like crazy over the past several weeks. At the time of writing, he claims to have sold approximately 30 bitcoin units to about 90 separate customers. This is huge compared to the numbers he experienced six months ago, when he sold only 20 units to about 50 customers.

He says the big appeal of bitcoin is that can be accessed easily. In addition,…