Bitcoin is day by day more popular in middle East.

[Roser bouce]

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

[1714879923]

1714879923

[sunsilk]

You haven't included the article so here it goes: Middle East Records 166% Surge in Crypto Adoption, UAE Leads

The capital emirate of UAE which is Dubai has got a lot of interest from the crypto companies like from the exchanges. They're also the center there for crypto events and gatherings.

And some recent news about Binance in Dubai: Binance FZE Receives a VASP Licence from Dubai’s Virtual Assets Regulatory Authority

[BD Technical]

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.

[MusaMohamed]

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

Middle East is a hub of Bitcoin and cryptocurrency community. They have very friendly policy and taxation on foreigners, free so nations there attract many millionaires and billionaires from Bitcoin and cryptocurrency market to join.

Years ago, there was big news from them, that the first ever company accepts to buy and sell real estates in Bitcoin.

Real estate project in Dubai to be the ‘first major development where you can purchase in bitcoin’

Many things changed and bigger adoption for Bitcoin in Middle East since 2017.

[Plaguedeath]

UAE is one of richest countries in the world, if there are 72% local users buy Bitcoin, why the price isn't increased?

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.

Even 99% of local users in these countries invest in Bitcoin, I don't think there will be a major change since they're underdeveloped countries and lack of money. They either hold their coins in CEX or they use layer 2, if they use on-chain, the fees might be higher than the amount they want to send.

[stompix]

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

One word and everything goes off the charts in misleading claims:

The leading country is the United Arab Emirates (UAE), where 72% of crypto users are actively investing in Bitcoin.

So 72% of crypto users in a the country are investing in Bitcoin.
This is special or extraordinary because?

The report projects that the region's daily active users will continue to rise, reaching an estimated 700,000 by the end of 2024.

Middle East has around 400 million people, so by the end of the year we're going to have 0.2% of the population as daily active users.

[bittraffic]

They see BTC as an investment, so it's not really adopted as currency but they keep it as an asset. It indicates this is because Bitcoin ETF is approved and so they are also seeing the adoption. The countries in the Middle East are the richest in the world, Trump demonstrates this by pointing out that military weapons are peanuts for MBS.

If BTC will be used to buy gas and oil in the Middle East, I guess this is going to make every country able to trade with them even the US-sanctioned countries.

[avikz]

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

It's a good development, indeed! I am sure that, the presence of free economic zones like Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) has fostered an environment which helped in this case.

I am sure the rest of the world is catching up as well! With the access of faster internet and information, people around the world are showing interest in crypto adoption. But the regulatory framework remain a bottleneck. Majority of the countries are still thinking to have a legal framework. So unless these countries come out something on paper, the situation will remain uncertain.

[True Dough]

...why the price isn't increased?
We are experiencing a great Bull Market run - currently paused near the All-time-highs - so clearly the prices have increased.

UAE is one of richest countries in the world, if there are 72% local users buy Bitcoin, why the price isn't increased?

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.

Even 99% of local users in these countries invest in Bitcoin, I don't think there will be a major change since they're underdeveloped countries and lack of money. They either hold their coins in CEX or they use layer 2, if they use on-chain, the fees might be higher than the amount they want to send.

[Upgrade00]

UAE is one of richest countries in the world, if there are 72% local users buy Bitcoin, why the price isn't increased?

The Op quoted it wrongly, the article says that 72% of those who use crypto, use Bitcoin, not 72% of the total population.

UAE, Qatar and Saudi Arabia are the too countries in the region with the intention of dominating the future market in several industries, not just reliant on oil. Bitcoin has lots of prospects for the future and they want to be ahead of that curve too.

[kryptqnick]

I thank sunsilk for providing some sources for the op's topic. It seems that even the 72% info checks out (or, at least, is substantiated by some sources).
Dubai is kind of associated with wealth and innovation, so it makes sense to me that it's becoming a major crypto hub. Also, since it's outside Western jurisdictions, it can be attractive for legal reasons. But why is it happening now, in 2024? Is it a follow-up of US ETF approvals, is it inspired by halving-related FOMO?

[kentrolla]

No wonder UAE will be leading in this list as they have friendly policy and not only the locals of UAE are investing into Bitcoin but people moving out of countries like India due to penalising crypto related policy are driving good user based out of their nation and they are also migrating to UAE which s he most preferred place for Indians to settle down and operate.

[AnonBitCoiner]

Not only in UAE but Bitcoin is acceptable in most of the countries and is widely used for investment purposes but this all is due to the current halving as people were in wish to get profit due to halving as most of them have gained during previous Halving.

If current halving shows the same effects in some months then you will see that in future halving approximately every country will be a part of Bitcoin investment. First effects on Bitcoin adoption was because of Bitcoin ETF approval and after that everyone is in wait to see the effects of halving but it is not going to impact the price soon but after some months we will see a new ATH.

[hugeblack]

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.

[MusaMohamed]

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.

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

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.

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.

Most investors buy between 1-3 bitcoins and leave them as a long-term investment, and few are interested in mining or trading.

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.

More addresses with 1+ BTC since 2021.
https://www.lookintobitcoin.com/charts/addresses-greater-than-1-btc/

[Poker Player]

The leading country is the United Arab Emirates (UAE), where 72% of crypto users are actively investing in Bitcoin.

So 72% of crypto users in a the country are investing in Bitcoin.
This is special or extraordinary because?

The report projects that the region's daily active users will continue to rise, reaching an estimated 700,000 by the end of 2024.

Middle East has around 400 million people, so by the end of the year we're going to have 0.2% of the population as daily active users.

When I read the OP I already knew it was going to be a quote taken out of context like this. When I read the OP I already knew it was going to be a quote taken out of context like this. The title will be true, that every day there is a growing interest but little by little and from very low levels, as hugeblack says. From there to the image that the OP had painted for himself (and for us) is a long way off.

[pooya87]

UAE is one of richest countries in the world, if there are 72% local users buy Bitcoin, why the price isn't increased?

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.

[GreatArkansas]

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

This is a game-changer for Bitcoin!
This news is also good for everybody, it shows that we are still early, and how lucky we are. We must continue to share good news about Bitcoin.
I hope Bitcoin adoption will continue to grow, especially in the Asian continent.

[TravelMug]

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

This is a game-changer for Bitcoin!
This news is also good for everybody, it shows that we are still early, and how lucky we are. We must continue to share good news about Bitcoin.
I hope Bitcoin adoption will continue to grow, especially in the Asian continent.

I guess when you are a rich nation, there are a lot of millionaires and even billionaires, it's bound to happen that they will have to find other assets to diversify their wealth. And the obvious choice will be BTC.  So I'm not surprised by the news and it just shows that as we march towards the future, Bitcoin will continue to be one of most beloved assets that is. And probably Arab countries will also look at the technology behind, the blockchain that can improved their lives as we all know that this technology is great and any countries can take advantage in any sector like government and health care.

[btc78]

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

It is a good thing always if bitcoin is starting to gain some momentum and popularity in a country or a particular region because this increases the chances of bitcoin being legally adapted in that country.

That or bitcoin is finally noticed by the government and they do something to discourage people from using it. I hope it’s the former and I hope many more countries see this happen in their own countries.