Bitcoin is day by day more popular in middle East.

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Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

Well, this figure of the people is not only from the United Arab Emirates, as in UAE most people are foreigners I think this survey is covering the major figure of those people who are working in UAE but the citizens of other countries. Also on the economic and tech adoption policies UAE works on the next level because they want themselves to survive as the hot spot for the business due to their locality and developed infrastructure.

Middle East'll explore the crypto market in-depth and TBH in my view it's their need as well as their need to stay up to date to lead in adoption and attract other countries' citizens to survive. I'm quite confident in my words because many people from my country moved to expand their businesses to enjoy their policies and get rid of the local restrictions, and the same it is true with the crypto market as there is no clear-cut policy for the crypto market here, due to this reason of the legal authorities misuse and blackmail the renowned people in crypto space there are many leaked cases like that so most of them these days are in UAE.

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Taking into account the decadence of the western world... it is quite likely that those middle east cities will become the great cities of the next decades

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Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

That's awesome! We all know that UAE Is one of the richest country in the Middle east and knowing that there's a lot of locals there are investing in crypto, meaning they are ahead in other countries, As per article that I've read before, Decentralized exchanges built on blockchains like SOL, BSC, and Ethereum are becoming the go to digital platforms for P2P trading and when it comes to digital wallet, trust Wallet, MetaMask, and Bitget Wallet are among the top choices. hopefully, there will be more countries that legalize the use of blockchain like what happened in the UAE, because until now there are still many people who do not accept crypto and are blocked in their country.

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Quote from: Pandu Geddon on April 30, 2024, 07:16:58 AM

Quote from: jcojci on April 30, 2024, 06:53:28 AM

There will come a time when more people from the Middle East and other countries will adopt crypto. Currently, maybe we see people from Middle Eastern countries who have invested in Bitcoin. But that will change once the new ATH is reached as more and more people will see the potential profits they can make if they invest in Bitcoin. The popularity of Bitcoin can attract more people to invest so it will make more people invest in Bitcoin.

And with so many advertisements about crypto, it provides an even wider opportunity for people to know about crypto. They will look for more information so they can invest in Bitcoin.

Hopefully, the more people who know and invest in Bitcoin will develop the potential for using Bitcoin as an alternative means of payment that can be accepted throughout the world.
which will become easy when we have Bitcoin and travel to any country without having to exchange fiat from the destination country. Bitcoin can be a solution for cross-border payments. Countries may be against this, but more and more people owning Bitcoin is not impossible in the future we will see it.

I prefer Bitcoin as an investment tool rather than a payment tool because with the possibility that the price of Bitcoin could rise very high, it would be a shame to have to use Bitcoin to pay for something. By making Bitcoin an investment tool, it can provide benefits for us so that it can provide more money for us.

Bitcoin could be a cross-border payment solution in the future but that will depend on the policies of each country. The important thing is that Bitcoin can be even more popular than it is now so that more people can know about it and use it as an alternative payment or investment.

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Quote from: arwin100 on April 30, 2024, 07:31:25 AM

Quote from: Pandu Geddon on April 30, 2024, 07:16:58 AM

Quote from: jcojci on April 30, 2024, 06:53:28 AM

There will come a time when more people from the Middle East and other countries will adopt crypto. Currently, maybe we see people from Middle Eastern countries who have invested in Bitcoin. But that will change once the new ATH is reached as more and more people will see the potential profits they can make if they invest in Bitcoin. The popularity of Bitcoin can attract more people to invest so it will make more people invest in Bitcoin.

And with so many advertisements about crypto, it provides an even wider opportunity for people to know about crypto. They will look for more information so they can invest in Bitcoin.

Hopefully, the more people who know and invest in Bitcoin will develop the potential for using Bitcoin as an alternative means of payment that can be accepted throughout the world.
which will become easy when we have Bitcoin and travel to any country without having to exchange fiat from the destination country. Bitcoin can be a solution for cross-border payments. Countries may be against this, but more and more people owning Bitcoin is not impossible in the future we will see it.

For sure there would be more people to know about bitcoin since the popularity of this coin is growing more despite that there are some countries are against it but still there are countries that is open to venture on the opportunities given by bitcoin.

I guess now that they give Binance a vasp license https://www.bloomberg.com/news/articles/2024-04-18/binance-close-to-getting-dubai-vasp-license-after-cz-deal-bnb for sure that there would be a lot more people would know about it and maybe this is just one of the step that they would realize that bitcoin is great to be accepted as one of alternative currency to used on their country. So let see what will happen to it since Dubai is popular city and many rich people could learn more about bitcoin because of growing popularity of bitcoin in their place.

I think the workers in Dubai who are often not from the country will send their salaries to their families either in BTC or local currency already through the p2p in binance. It's more convenient this way already than going to the WU.

I also found some news about the adoption in UAE is fastest growing markets for cryptocurrency adoption in Q1, 2024
https://www.arabianbusiness.com/money/wealth/alternative-assets/uae-is-fastest-growing-markets-for-cryptocurrency-adoption-in-q1-2024

and they even have Chainswap Wins Polo Match Against Solana at Dubai's First Crypto Polo Cup Event in April 2024
https://finance.yahoo.com/news/chainswap-wins-polo-match-against-110800883.html

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they will put you in jail for a year or pay EGP 500 000

and confiscate all your cryptos

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Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

Not only in the middle east, but all over the world. Bitcoin is gaining firm everyday by day and the rate of adoption is also increasing directly proportion to its popularity. If you look at it, from the last circle, you will notice that a lot of new investors have come into the crypto space, because bitcoin have proven to us that it is an asset worth investing in. The approval of bitcoin ETF by the US, has also brought more attention on bitcoin, because most countries copy from whatever the US does. UAE is a central of tourism, so bitcoin should be highly adopted there, because business people comes from different part of the world to do business and tour in Dubai, if they don't accept bitcoin, they will loose more.

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Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

there is no better news than crypto legalization. this is a very good thing and hopefully more countries in the world will start to legalize crypto in their countries. because the potential of crypto is not only in investment but also in transactions between individuals or businesses and it can help many people with their transactions.

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Quote from: Pandu Geddon on April 30, 2024, 07:16:58 AM

Quote from: jcojci on April 30, 2024, 06:53:28 AM

There will come a time when more people from the Middle East and other countries will adopt crypto. Currently, maybe we see people from Middle Eastern countries who have invested in Bitcoin. But that will change once the new ATH is reached as more and more people will see the potential profits they can make if they invest in Bitcoin. The popularity of Bitcoin can attract more people to invest so it will make more people invest in Bitcoin.

And with so many advertisements about crypto, it provides an even wider opportunity for people to know about crypto. They will look for more information so they can invest in Bitcoin.

Hopefully, the more people who know and invest in Bitcoin will develop the potential for using Bitcoin as an alternative means of payment that can be accepted throughout the world.
which will become easy when we have Bitcoin and travel to any country without having to exchange fiat from the destination country. Bitcoin can be a solution for cross-border payments. Countries may be against this, but more and more people owning Bitcoin is not impossible in the future we will see it.

For sure there would be more people to know about bitcoin since the popularity of this coin is growing more despite that there are some countries are against it but still there are countries that is open to venture on the opportunities given by bitcoin.

I guess now that they give Binance a vasp license https://www.bloomberg.com/news/articles/2024-04-18/binance-close-to-getting-dubai-vasp-license-after-cz-deal-bnb for sure that there would be a lot more people would know about it and maybe this is just one of the step that they would realize that bitcoin is great to be accepted as one of alternative currency to used on their country. So let see what will happen to it since Dubai is popular city and many rich people could learn more about bitcoin because of growing popularity of bitcoin in their place.

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Quote from: jcojci on April 30, 2024, 06:53:28 AM

There will come a time when more people from the Middle East and other countries will adopt crypto. Currently, maybe we see people from Middle Eastern countries who have invested in Bitcoin. But that will change once the new ATH is reached as more and more people will see the potential profits they can make if they invest in Bitcoin. The popularity of Bitcoin can attract more people to invest so it will make more people invest in Bitcoin.

And with so many advertisements about crypto, it provides an even wider opportunity for people to know about crypto. They will look for more information so they can invest in Bitcoin.

Hopefully, the more people who know and invest in Bitcoin will develop the potential for using Bitcoin as an alternative means of payment that can be accepted throughout the world.
which will become easy when we have Bitcoin and travel to any country without having to exchange fiat from the destination country. Bitcoin can be a solution for cross-border payments. Countries may be against this, but more and more people owning Bitcoin is not impossible in the future we will see it.

jcojci

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There will come a time when more people from the Middle East and other countries will adopt crypto. Currently, maybe we see people from Middle Eastern countries who have invested in Bitcoin. But that will change once the new ATH is reached as more and more people will see the potential profits they can make if they invest in Bitcoin. The popularity of Bitcoin can attract more people to invest so it will make more people invest in Bitcoin.

And with so many advertisements about crypto, it provides an even wider opportunity for people to know about crypto. They will look for more information so they can invest in Bitcoin.

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Quote from: hugeblack on April 27, 2024, 06:43:33 AM

The problem is that the main investment In real estate, it is more profitable and you can get loans (without interest), so investing in Bitcoin is rarely.

Another possibility I had in mind was the population demographics. UAE is a rare case where about 90% of the population aren't from UAE. They are foreign workers. I don't think the ~8 mil out of ~9 mil population who go to UAE to work are looking to invest their money. Usually "immigrant workers" are looking to earn better salaries (comparted to back home) and send that money back to their families.

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Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

All of a sudden,the middle east has emerged top for adopting cryptocurrency,information reaching us recorded that countries in the middle east,bitcoin traders daily increased and there's higher chances of having more bitcoin users to a large extent without altering new inventions.
Users of bitcoin in the middle east can still acquire bitcoin while also steadily gaining global influence in the crypto space.Its always a good to hear and see bitcoin constantly improving in some countries;always knowing that bitcoin will eventually continue rising along side offering genuine and lasting advantages.

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Quote from: hugeblack on April 25, 2024, 11:18:08 PM

Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

The United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

I am from the United Arab Emirates and the truth is that there is not much interest in Bitcoin or cryptocurrencies. In my small community, less than 1% of those I know have invested in Bitcoin, most of them after Elon Musk’s tweets.
Here there are no taxes and it is easy to establish a company, especially in the field of real estate and contracting. You can buy an apartment or start a small business and you will get a good return on investment, so there is no interest in Bitcoin.
Most investors buy between 1-3 bitcoins and leave them as a long-term investment, and few are interested in mining or trading.

Is always good to hear from residents of an area that is been discussed. I know the Middle East as an area that is not open to change. They are somehow difficult to easily adopt new inventions except it has been well observed for a long time. UAE has been a pathfinder in the adoption of new inventions in the Middle East. 1% of the UAE population having an interest in Bitcoin is à big boast to the Middle East because it could also have a positive ripple effect on other neighboring nations.

Quote from: doomloop on April 29, 2024, 02:28:04 PM

If you are living in one of these countries, and if you are involved in cryptocurrency trading or anything that involves cryptocurrencies, you will need to be vigilant if you are using a bank account to send and receive transactions that directly or indirectly involve cryptocurrencies because you can get in trouble for doing that.

Cryptocurrencies are totally banned in Bangladesh and I have seen news publications where people were arrested and even persecuted for dealing with the cryptos. Pakistan and Sri Lanka have more relaxed laws on cryptocurrencies because it is not banned but the government encourages citizens not to deal with them. I wonder why the Bangladeshi government will be so unfriendly to Bitcoin while the economy needs investors to create job opportunities.

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Quote from: BD Technical on April 25, 2024, 06:27:43 AM

It has not only spread its influence in the Middle East countries, if you see that the circulation of Bitcoin has increased in almost all countries and crypto currency is very popular in all countries. If you pay attention, you will see how many countries like Bangladesh, Pakistan, and Sri Lanka did not use Bitcoin or Sat currency before, but now many people use it, but it has not yet been legalized. But it is understood that Bangladesh government will never give legalization because the government has no knowledge about this crypto currency or digital currency but if you see India and Pakistan it is well practiced. If the government understands or if the government understands its exact demand, it will invest on the government and it will increase the circulation in Bangladesh, but the demand has increased fairly well in all countries. By Middle East you mean only United Arab Emirates, in which case the United Arab Emirates has a lot of expansion and a lot of stock markets on it. There are many things to do in the UAE due to the constant currency.

Most South Asian countries are not very friendly with Bitcoin and cryptocurrencies, the most probable reason for this is that they don't feel safe with it as they know it is something they can't control, and we know what governments do with things they can't control, they either ban them or try to make them disappear. Indeed, most countries you mentioned didn't specifically ban cryptocurrencies, but they have policies that are against them, especially in the financial sector.

If you are living in one of these countries, and if you are involved in cryptocurrency trading or anything that involves cryptocurrencies, you will need to be vigilant if you are using a bank account to send and receive transactions that directly or indirectly involve cryptocurrencies because you can get in trouble for doing that.

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Quote from: Negotiation on April 26, 2024, 08:29:29 AM

Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

As bitcoin becomes more popular in the middle east day by day it will increase the demand for bitcoin and the people of the middle east will have the opportunity to invest freely which will help them in their future development. The approval of the ETF has placed bitcoin at an all time high and after breaking record highs we now expect bitcoin to trade in larger volumes leading up to the halving event if bitcoin ETF momentum remains strong.

It is increasing popularity is because of the people (old or new) who invest in BTC and this will also be a way for others to discover the coin. The continuous demand in BTC is a sign that people there are free to do it which is great. This is the dream of many people. They can only wish for it to happen on their country too soon. Indeed that BTC's amazing properties can help the people achieve their goals in life no matter if it's in terms of earning a profit or simply using the coin like a currency.

This is its advantage compared to other currencies and assets out there. The halving event is staple and not caused by the ETF, though the rise we experienced last time is still due to the ETF and not by the halving yet but this is going to be massive once it happens.

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Quote from: MusaMohamed on April 25, 2024, 11:23:49 PM

Did you mean the tweet of Elon Musk in last bull run likely in 2020 or 2021?

Yes, majority here use Twitter, and Elon Musk contributed to introducing Bitcoin.

Quote from: MusaMohamed on April 25, 2024, 11:23:49 PM

Free tax is very good policy to attract foreigners to Middle East to live there or run their companies there. Many Bitcoin and blockchain conferences hosted in Middle East nations recent years.

It is not accurate, all activities take place in the free zone, but the number of services that accept Bitcoin is very limited.

Quote from: MusaMohamed on April 25, 2024, 11:23:49 PM

1 - 3 bitcoins is too much with many people and if any person can have 1 to 3 bitcoins in their non custodial wallets, they have a fortune for future.

This was in 2021, and the amount was in the range of $50,000 to $100,000.

Quote from: pooya87 on April 26, 2024, 12:18:34 AM

Apart from the mistake others pointed out, you should remember that just because the dictatorship ruling over UAE is rich, it doesn't mean the small population of that region (about a million) is also rich enough to make an investment let alone invest in something like bitcoin.

I also do not agree with the foreign policy of our country and I think it must change, but the average salaries here range from 5k USD to 40k per month, and assuming that taxes are zero and that you can save 20%, this means saving is 1k to 8k per month. The problem is that the main investment In real estate, it is more profitable and you can get loans (without interest), so investing in Bitcoin is rarely.

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Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

As bitcoin becomes more popular in the middle east day by day it will increase the demand for bitcoin and the people of the middle east will have the opportunity to invest freely which will help them in their future development. The approval of the ETF has placed bitcoin at an all time high and after breaking record highs we now expect bitcoin to trade in larger volumes leading up to the halving event if bitcoin ETF momentum remains strong.

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Quote from: Roser bouce on April 25, 2024, 04:55:29 AM

United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin

Is it just hype driven by the current bull market? I would like to see the numbers when we're down 80%+.

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Well, from my understanding I think the middle Easterners are good investors and would seize an opportunity to invest in an asset they think is very valuable or have a potential of being very valuable in future, before this years halving there was the approval of the ETF which was one of the driving force that made Bitcoin set an all time high, which made many investors from different regions to see Bitcoin as a major asset to invest in. I think they're beginning to see it's potential and how well they could benefit from it's blockchain and that's why we are beginning to see more investors from that region. More Dubai is a very wealthy State with lots of wealthy people who are capable of investing healthy in Bitcoin, what I'm trying to say is that the number of wealthy citizens in that regions are much that's why we are beginning to see lots of investors from there, and you could imagine the number of investors that would move into the market if Bitcoin set another ATH.

Topic: Bitcoin is day by day more popular in middle East. (Read 384 times)