Cryptocurrency trading in the Middle East is up 166% in daily traders in the past year, with the UAE leading all countries in total holders. 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. In fact, crypto adoption in the region is projected to surpass 700,000 daily traders by the end of 2024.
The main reason for this surge is likely the approval of BTC Spot ETFs and the continuous rise in the total market value of cryptocurrencies. Thanks to the bullish runs of certain assets, implementation in the region is rising. Out of all Middle Eastern nations, the UAE has the most cryptocurrency-friendly policies. However, most other nations are starting to ease restrictions and support crypto-innovation.
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Interest In Cryptocurrency Is Rising In Middle East
The report also adds that the UAE is leading the way in building interest in cryptocurrency. The country has seen the highest statistics in terms of interest in crypto, as 29% of users surveyed during this study believe that digital assets offer a more convenient way of holding assets. Another 34% of users are cryptocurrency traders, and 22% use them for daily payments.
Gracy Chen, Managing Director of Bitget, states:
“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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As digital assets become more lucrative, led by a surging market with diverse options, the number of cryptocurrency holders is expected to boom even further in the Middle East. With the amount of Bitcoin holders as well, the expected post-halving boom may generate nice profits for many investors.