In the past few months Crypto currency exchanges are seeing record traffic coming from countries in the Middle East. As much 30% of exchange traffic now comes from the Middle East. This is vastly different than a year ago were almost no traffic came from the region.
The Blockchain Revolution is real and taking over all over the Middle East from UAE to Turkey. These customers are moving vast sums of into Crypto even as governments continue to ban them, but they are not moving into Crypto for investment reasons like China or the U.S. but because of fear of holding onto devaluing local currencies.
Many countries in the Middle East have unstable currencies and people are frantically trying to prevent loss of local fiat currency values. The Syrian Pound is down over 90% in the last few years, and even in stable Countries like Egypt has lost 62% in the last 5 years. Lately the mad dash has come from Turkey were the Lira has lost 13% in the past month and over 60% in the past few years. Troubling numbers if you have any wealth or want to save money for retirement.
Firms and wealthy people are running to Crypto in record numbers. The Middle East is in a currency crisis and creating pressure on businesses and individuals to find a safe haven other then local fiat currencies. Many people are saying if Crypto falls they will still be better off then dropping 13% like the Turkish Lira did this past month.
World Coin Network the future of Middle East Crypto Currency, announced today it has successfully launched on several exchanges. They plan to become the leading Crypto Currency of the Middle East and help millions of people through this crisis. They have teams working with local exchanges in several countries to help people safe guard their wealth.
Source/More: Middle East Currency Crisis is Driving People into buying Bitcoin at Record Rates | Benzinga