SAUDI Bitcoin Trading on LocalBitcoins TO THE MOON

[peter0425]

Well ~$110k isn't that much. However the increase percentage wise is something.
Let's see how this will develop in the future. Maybe some sheikh will find Bitcoin interesting enough invest some serious millions. These guys have more than enough money to play with.

hope so, saudi have invested large enough in china, saudi moderate enough economic problems, we hope that saudi could be one bitcoin bridge to the Arab world

They have so much wealth that they don't know where to invest their money. Yeah, let see how it goes, if those rich prince or sheikh decided to invest in bitcoin then good for the bitcoin ecosystem. Otherwise, bitcoin is already doing fine as of the moment but if Middle East want's to join the fun, the better for us.

[European Central Bank]

They have so much wealth that they don't know where to invest their money. Yeah, let see how it goes, if those rich prince or sheikh decided to invest in bitcoin then good for the bitcoin ecosystem. Otherwise, bitcoin is already doing fine as of the moment but if Middle East want's to join the fun, the better for us.

but i wonder what proportion of saudis have real money. you got the governing class of course who are crazy rich. i kind of get the impression everyone else is sitting around doing nothing being given oil money, but maybe not a great deal of it.

[QuestionAuthority]

They have so much wealth that they don't know where to invest their money. Yeah, let see how it goes, if those rich prince or sheikh decided to invest in bitcoin then good for the bitcoin ecosystem. Otherwise, bitcoin is already doing fine as of the moment but if Middle East want's to join the fun, the better for us.

but i wonder what proportion of saudis have real money. you got the governing class of course who are crazy rich. i kind of get the impression everyone else is sitting around doing nothing being given oil money, but maybe not a great deal of it.

Correct

A recent article in Saudi Gazette, an English-language daily out of Riyadh

The details of the question, however, hold most of the answers. The vast majority of Saudi Arabia's GDP comes from oil, which is owned by the state. The state doles out a wide variety of subsidies to its citizens. The oil sector is responsible for 90% of GDP and 93% of employment. This takes relatively few people to operate. A result of this is very high unemployment, officially put at around 11% -- unofficially, around 30%, not including women.

There is very little manufacturing in the country, though considerably more assembly of foreign-made parts.

Highly skilled labor is available cheaply from other countries. This depresses employment opportunities as well as initiative. Entrepreneurship is certainly possible, but takes very large capital investment due to the high prices of doing business in the country, as well as the social costs of failure.

Over the past 50 years, young Saudis seem to have forgotten the importance of manual labor. As a result, they look down on it, preferring management-type jobs. This is changing, but as with all things in Saudi Arabia, change comes slowly. Similarly, service jobs are looked down upon. This is changing, however, with more Saudis willing to take certain types of service jobs -- hotel front desk, airline desks, restaurant staff, etc. Even when willing to take these jobs, though, society tends to frown upon them.

[OROBTC]

...

I am always happy to see increased Bitcoin adoption from new places.  While I do not think that the Middle East will be a region of very high BTC use, I think that we should look at the long game: slow and steady growth in Bitcoin will mean greater gains for those of us in Bitcoin now.

Idle wealth in the Middle East (Saudi Arabia) might also mean that more people of means will experiment with BTC as they will have time and money to invest.

So, every little bit (new users) helps.

[ImHash]

All they have is because of the holy cities of Muslims, when it's prayer time everyone leaves their shops open and go to the mosque anyone having the audacity to steal anything will lose one hand no question asked
I gotta tell you that those rich sheikhs pay for young and beautiful girls overtly.

Lets not giving them too much credit though as they might feel funny in their bellies and fund terrorism if they find it more convenient and discrete.

All they have is by the grace of God otherwise it's just desert.

[QuestionAuthority]

All they have is because of the holy cities of Muslims, when it's prayer time everyone leaves their shops open and go to the mosque anyone having the audacity to steal anything will lose one hand no question asked
I gotta tell you that those rich sheikhs pay for young and beautiful girls overtly.

Lets not giving them too much credit though as they might feel funny in their bellies and fund terrorism if they find it more convenient and discrete.

All they have is by the grace of God otherwise it's just desert.

I'm very proud of you. You didn't call them ragheads even once.

[JanpriX]

It surprised me that the countries in the Middle East are now adopting and starting to use Bitcoin. We all know that people there are super rich because of their "monopoly" in oil and this will bring positive uptrend for BTC in the future. I don't know the reason behind this increased trading of BTC in these countries but it is always good that many people are starting to get involved with cryptocurrencies.

[Nagadota]

They have so much wealth that they don't know where to invest their money. Yeah, let see how it goes, if those rich prince or sheikh decided to invest in bitcoin then good for the bitcoin ecosystem. Otherwise, bitcoin is already doing fine as of the moment but if Middle East want's to join the fun, the better for us.

but i wonder what proportion of saudis have real money. you got the governing class of course who are crazy rich. i kind of get the impression everyone else is sitting around doing nothing being given oil money, but maybe not a great deal of it.

Importantly, this is LocalBitcoins trading volume.  The main reason for using LocalBitcoins is for anonymity and avoiding government influence, so I would assume that people trading on LocalBitcoins are afraid of a hostile government.  Since it's mainly the government who has money or the elite which would have influence, I doubt it's mostly rich people who are using LocalBitcoins.  I would see it as a more grass roots movement.

[staceyoh]

Of course I agree that bitcoin will become
popular in middle east, people will see the
benefits of it.

[European Central Bank]

Importantly, this is LocalBitcoins trading volume.  The main reason for using LocalBitcoins is for anonymity and avoiding government influence, so I would assume that people trading on LocalBitcoins are afraid of a hostile government.  Since it's mainly the government who has money or the elite which would have influence, I doubt it's mostly rich people who are using LocalBitcoins.  I would see it as a more grass roots movement.

or just as likely there ain't no exchange there. even if there was, sometimes it's too much of a pain in the ass to get verified.

[Junko]

I would agree that bitcoin will become more popular in the Middle East. Hard to disagree really. As long governments in that region don't feel threatened by it and don't try to ban it or anything.

[Weatherby]

If Arabs starts using bitcoin i am sure that the price of bitcoin will rise because the billions they hold are massive and they are the real investors because they are filthy rich because of the oil and once they learn and know about bitcoin i am pretty sure you will be seeing huge volumes from rich Arab countries.

[Wapinter]

Most of the middle east countries are rich due to oil production and if people from there adopt bitcoin, it will surely help bitcoin gain more popularity and price hike too.

[CyberKuro]

Bitcoin trading volumes in Saudi Arabia via peer-to-peer trading platform LocalBitcoins have never been higher. For the first time, trading volumes topped USD $100k in bitcoin traded over a week through the decentralized platform. According to data from Coin.Dance, trading volumes last week soared nearly 3x compared to the previous week, with over SAR400,000 in bitcoin traded during the week ending on April 15, a new all-time high.

More details below:

https://www.cryptocoinsnews.com/saudi-bitcoin-localbitcoins-all-time-high/

Do you agree that Bitcoin will become popular in the Middle East soon?

This might be bigger expand for bitcoin community as we know how rich people in Dubai and UAE if they start to learn and adopt bitcoin.
If other countries were adopted bitcoin since early 2010-2012 and already regulated their exchanges, UAE may do the same thing, they are smart investors of course as : "Earlier this month, the Dubai government signed a MoU with a blockchain technology firm to implement a citywide blockchain payments system that will encompass 38 government-partnering entities, financial institutions and departments. The emirate’s blockchain agenda is led by its ‘Dubai Blockchain Strategy’ initiative. Launched last year, the endeavor began with the significant announcement to transfer and maintain all government records on a blockchain by the year 2020. Dubai’s government has also partnered IBM to explore a blockchain trade finance platform to strengthen its position as a major trading hub in the world. Let's see how it is going in the next month/year.

[xuan87]

It is no wonder to see the Saudi trade so many bitcoin, because when someone realize the potential of bitcoin, they will see bitcoin as a good investment and also give easier way to do transaction, no wonder it can become favourite currency to do transaction, I think bitcoin will become very popular in Middle east and Asia, we can see the growth rate for bitcoin user for this continent is very good

[freebutcaged]

Yeah yeah yeah they're rich and such and they have oil and much they also have some of the biggest dicks in the world but you think they were sleep or something these past years and now starting to see the benefits of Bitcoin? what benefits? you can't send money in less than 10 minutes without paying a high fee considering what Bitcoin was promising which was low fees and they're not idiots to enter and invest in something that is already in hands of a few people instead they will go and launch their own blockchain to have the pulse of the supply market in their hands.

I have also heard arab chicks are yummy and take it all in.     

[JENREM]

It is no wonder to see the Saudi trade so many bitcoin, because when someone realize the potential of bitcoin, they will see bitcoin as a good investment and also give easier way to do transaction, no wonder it can become favourite currency to do transaction, I think bitcoin will become very popular in Middle east and Asia, we can see the growth rate for bitcoin user for this continent is very good

great news! this will add up to the growing community that supports bitcoin.
and i agree with you @xuan87, if all of them only see the potential of bitcoin then they will have a great option to invest there money.
if there will be more information drive not only in middle east but also in man parts of the world i know many people will be interested in bitcoin.

regards.

[Janation]

Most of the middle east countries are rich due to oil production and if people from there adopt bitcoin, it will surely help bitcoin gain more popularity and price hike too.

I know right? theybare the most popular oil producer in the world making them very rich. If the middle east accept bitcoin in their trade with the other countries, I think bitcoin will be more popular making it a good virtual currency to trade with other countries.

[equator]

Most of the middle east countries are rich due to oil production and if people from there adopt bitcoin, it will surely help bitcoin gain more popularity and price hike too.

I know right? theybare the most popular oil producer in the world making them very rich. If the middle east accept bitcoin in their trade with the other countries, I think bitcoin will be more popular making it a good virtual currency to trade with other countries.

I dont think that US will allow the Middle east country to use Bitcoin for trading in Oil trades as this will only give loss for US dollars as almost every deal on foreign trading in all country are happening in dollars which is why the USD dollar rates are always high and US currency is enjoying all benefits. So the Middle East country will most use the bitcoin for their all illegal activities as using bitcoin for this transaction will give more benefit as they cannot be tracked who is using for what

[Farcoin12]

Well that is really great to see. The Arabs are already so rich with their oil, I guess they want to continue increasing their fortune. Always nice to see new countries adapting to bitcoin.