Despite Bitcoin Price Dips, Crypto Is a Safe Haven in the Middle East

Although it’s difficult to quantify demand for bitcoin (BTC) in informal markets across the Middle East, small-scale traders from Lebanon to Yemen say interest in bitcoin as a safe-haven asset, not a speculative asset, is stronger than ever.

Rami Mohammad Ali, a bitcoin miner and trader based in the Palestinian area of East Jerusalem, said the sell side of the local peer-to-peer market dried up and the buy side exploded in March.

So far, he’s sold a cumulative total of 30 bitcoin to 90 customers. That’s a significant increase from September 2019, when he said he sold roughly 20 bitcoin a month to 50 customers.

The appeal of holding value in bitcoin, he said, is that people can access “the money any time they need it.”

This appears to be true across the region. One anonymous Syrian trader with family in Lebanon said small Lebanese business owners are struggling to pay their invoices abroad. So, among the few Lebanese with family abroad and the necessary computer skills, some…