- Many Palestinians living in the blockaded enclave of Gaza passed away because of the Israeli–Palestinian war, while others managed to be alive.
The entire demolition of the region has also had a bad effect on the local financial network. In order to safeguard their wealth and financial independence from Israel, many Gazans have shifted to bitcoin and different cryptocurrencies.
The National News took an interview with natives of the Gaza Strip and found that several natives have shifted to the crypto industry recently.
A shift to Bitcoin
A resident of Gaza, Noor revealed that her lifestyle has changed entirely after understanding digital currencies. “My destiny changed once I learned how to invest in bitcoin and initiated selling make-up products online.”
A law advisor of Al-Shabaka, Dr. Tariq Dana, the Palestinian Policy Network has a belief that a growing number of locals have jumped on the crypto bandwagon as it is a way to get independence from Israel’s financial laws.
“I trust the decentralized bank status of crypto is motivating the natives of Gaza to get income from a safe and freelance platform, a bitcoin investor from Gaza said.
In spite of giving financial freedom and an opportunity to be a part of the global financial network, crypto conceals its risks because of infamous instability. The value of Bitcoin has fallen more than 75% in the last year, which resulted in vital paper losses to HODLers. Talking on this subject with Haitham Zuhair, a businessman and a crypto investor of the nation said:
“I am sure the fall in the value of Bitcoin has cost numerous traders in Gaza very much due to their original investments and capital are not as high as one can think.” He further added that: Education and experience are necessary to keep up with crypto as an area of online income and representative of dedication in Palestine. It just takes one wrong step to lose an earth-worth profit in crypto.”
Crypto has not only drawn the attention of various peaceful locals but also the terrorist organization Hamas. The authorities of Israel halted 84 cryptocurrency wallets in 2021 that reportedly got more than $7.7 million in digital assets, and some of them were of the Islamic group.
The Defense Ministry of Israel put another ban in March 2022, seizing 30 virtual wallets associated with the exchange firm al-Mutahadun. The officials purported the platform “helps the Hamas terror group, and particularly its military wing, by sending money estimated at tens of millions of dollars a year.”
Source: https://www.thecoinrepublic.com/2022/12/04/palestinians-shift-to-bitcoin-amidst-financial-turmoil/