DeutschCrypto legend Nick Szabo comments on the Middle East conflict. He advises affected people to convert their assets into exactly two cryptocurrencies: Bitcoin and Monero. CoinPro explains why the inventor of smart contracts is now focusing specifically on BTC and XMR—and how those affected can benefit.
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Middle East conflict: Crypto pioneer Nick Szabo recommends these coins
The famous crypto pioneer Nick Szabo recently commented on X about the Middle East conflict. The renewed outbreak of war should drive people toward cryptocurrencies, the 61-year-old argues. He believes two coins in particular could prove useful for people in the Middle East.
At the end of February, the US and Israel shelled Iran, sparking a war in the conflict-ridden region. Although US President Donald Trump promised an abrupt end from the outset, the war has not yet been brought to an end.
Blockchain data quickly showed that demand for Bitcoin among Iranians had surged explosively. Shortly after the outbreak of war, crypto exchanges recorded a rise in withdrawals of almost 700%.
Szabo is convinced by this development. For many people, it makes sense to invest in cryptocurrencies now to make their finances more resilient in this exceptional situation.
The crypto legend recommends two specific cryptocurrencies. Alongside market leader Bitcoin, he also recommends using the largest privacy coin, Monero.
“There are currently quite a few people in the Middle East who—if they were smart—would convert a large portion of their assets held with trusted third parties into Bitcoin or Monero,” Szabo wrote.
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The turmoil of war could threaten capital held as third-party assets. In addition, the fiat currencies of the countries involved come under particularly heavy pressure in wartime. Crypto keeps users liquid. Payments can easily be made internationally. In addition, cryptocurrencies are better protected against destruction and physical loss.
Why does Nick Szabo recommend Bitcoin and Monero?
The fact that Nick Szabo recommends Monero alongside Bitcoin interests some users. Years ago, one of his statements about Monero caused a stir in the community. When he was asked about Monero’s usefulness on X in 2021, the cryptographer had positive words for the privacy coin.
“Monero is a very good complement to Bitcoin in terms of privacy; both are good means of payment,” the American commented at the time.
Szabo enjoys a high reputation in the crypto scene, as he is considered one of Bitcoin’s pioneers. In 1998, he introduced a digital payment system called Bit Gold. In the 1990s, he also developed the concept of smart contracts, which later had a powerful influence on the crypto market and is central to many cryptos—such as Ethereum.
The American is convinced by Bitcoin because of its neutrality and independence. The Bitcoin network and the cryptocurrency BTC are not dependent on government influence. Thanks to its international spread, the network is very robust.
A cryptocurrency like Bitcoin can therefore provide a degree of financial security in crisis regions. However, in his posts Szabo indirectly criticizes Bitcoin’s transparency. While Bitcoin transactions can be seen and analyzed by the public, Monero transactions remain secret.
State actors often try to de-pseudonymize Bitcoin. They then put crypto service providers—who serve as an important gateway between crypto and the real world—under pressure to enforce potential claims. Because Monero is fully anonymous, government interventions are ineffective.
