UAE sees crypto market grow 10x this year
Bitcoin (and the crypto market in general) in the Middle East and North Africa (MENA) region is the fastest growing in the world, according to a report published by data platform Chainalysis.
Countries that are part of MENA are Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait and Lebanon. Other nations in the region include Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, the United Arab Emirates and Yemen.
Across these sovereign states, from July 2021 to June 2022, more than 9% of total global cryptocurrency transactions were recorded.
Individual crypto investors from different countries in the region received approximately $566 billion in digital currencies during the same period.
Meanwhile, of all the aforementioned nations, the UAE is the one in the spotlight, as the Gulf territory sees its crypto market grow tenfold this year.
The UAE’s fast-growing crypto skyline
In another report by MENA blockchain ecosystem Crypto Oasis, it was revealed that at the end of last month, the number of active organizations and individuals who have jobs related to cryptocurrencies and blockchain technology was 1,400 and 7,000 respectively.
Through a press release, Crypto Oasis founder Ralf Glabischnig said that access to financial opportunities and resources will propel the crypto market in the UAE to new heights, growing tenfold.
Image: IstiZada
Dubai is also helping this cause, making huge efforts as they try to realize their goal of being included in the top 10 cities in the world in the metaverse ecosystem.
The plan is to create 40,000 virtual jobs and add $4 billion to the economy over the next five years. Dubai’s Web 3.0 goals appear to hinge on the World Trade Center becoming a regulator for firms dealing in digital assets.
MENA and Bitcoin Adoption – How Big Can It Get?
When it comes to Bitcoin adoption, the MENA region is not lagging behind as it serves as home to three of the top 30 countries in the 2022 Crypto Adoption Index.
Turkey was the highest ranked among the three nations, placing 12ththfollowed by Egypt which ranked 14thth. Morocco was number 24th on the top 30 list.
Both Turkey and Egypt have high inflation rates, with the Turkish Lira and Egyptian Pound inflating by 80.5% and 13.5% respectively.
This economic turmoil causing a severe decline in the value of the two nations’ fiat money strengthened the case for cryptocurrencies as viable substitute stores of value.
This trend could promote the growth of the crypto market throughout the MENA region as crypto popularity among individuals will also increase.
Crypto total market cap at $884 billion on the daily chart | Featured image from Gulf News, Chart: TradingView.com
