The footage could not be verified, but it spotlighted a broader reality: with banks in ruins, many Gazans are using crypto to get by amid the war.
An unverified video showing a makeshift crypto trading desk inside a Gaza tent circulated widely and drew strong reactions across the crypto community. The footage appears to show multiple screens, a laptop, printed charts and notes, and a Palestinian flag hanging over the desk, with broken concrete and flattened buildings visible outside. Traders shared it as a symbol of resilience and told followers to stop complaining about Bitcoin’s price moves. While the clip itself could not be verified, it underscored a documented reality: with Gaza’s banking system severely damaged, many residents have turned to crypto, particularly Tether, to receive and move money when traditional financial channels are disrupted. Crypto use in Gaza predates the war, as high youth unemployment had already pushed some residents online in search of income. The conflict intensified that shift. By early 2025, only two of Gaza’s 94 ATMs were still functioning, the World Bank said, while many banks were damaged or destroyed. About half of Gaza’s exchange shops handle USDT, Middle East Eye reported, allowing money from abroad to arrive quickly. But access remains costly and precarious. Brokers can charge 30% to 40% to convert crypto into cash, up from about 1% before the war, and users also face account freezes and compliance risks, including Binance freezes that users say followed Israeli terror-risk flags. The wider backdrop is an economic collapse that has left most people displaced and many living in tents. UNCTAD has described Gaza’s downturn as the worst on record, with the economy running at about $161 a year per person. In that environment, trading and crypto transfers can offer a financial workaround, even as power outages, weak internet and scarce liquidity make steady gains difficult.