The UAE leads all other countries with total cryptocurrency holders. Cryptocurrency trade in the Middle East has increased 166% over the last year. According to A Bitget report, in 2024, there was an average of 500,000 daily crypto traders locally. Furthermore, the United Arab Emirates leads the region in crypto adoption, with 72% of local users investing in Bitcoin.
The report reveals that local countries in the Middle East predominantly rely on global centralized cryptocurrency exchanges, with low demand for local exchange platforms. The region’s crypto adoption is expected to exceed 700 000 daily traders The end of 2024.
It is most likely that the main cause of this increase in value was the approval of BTC-Spot ETFs as well the constant rise in total cryptocurrency market values. The region’s implementation is on the rise thanks to certain bullish assets. Out of all Middle Eastern nations, the UAE has the most cryptocurrency-friendly policies. Most other countries are beginning to relax restrictions and encourage crypto-innovation.
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Middle East is a growing market for cryptocurrency
In addition, the report states that UAE has been leading in the development of interest in cryptocurrency. This country is the leader in interest for crypto. According to a study, 29% users believe that holding digital assets offers a better way of managing assets. Other users include 34% who are crypto traders and 22% that use it for everyday payments.
Gracy Chan, the managing director of Bitget says:
“We are excited about the potential of the Middle East market and anticipate continued growth in both users and market size. The UAE, in particular, holds significant importance as a base within the region. It has emerged as a hub for cryptocurrency talents, funds, and enterprises, while also steadily gaining global influence in the crypto space. We look forward to contributing to and witnessing the further development of this dynamic market.”
Gracy Chen
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In the Middle East, it is anticipated that the number of crypto holders will continue to grow as digital assets, led by the booming market, with its diverse choices, become even more profitable. The expected boom in the Middle East could be a good thing for investors, especially with the number of Bitcoin owners.
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Source: watcher.guru