Bitget: Review of Cryptocurrency Adoption in the Middle East
Date: 2024-04-22 Author: Gabriel Deangelo Categories: BUSINESS
Bitget, a major crypto exchange, has released a report on the state of the Middle East crypto market in 2024, forecasting the number of traders to grow to 700,000 by the end of the year. The UAE remains a leader in crypto asset adoption in the region, attracting attention due to its favorable regulatory climate and the launch of a Bitcoin ETF.
Key Points of the Report
The Bitget Research report highlights key aspects of crypto asset adoption in the Middle East, noting the following points:
- The average daily number of crypto traders in the region has grown by 166% since 2023, reaching 500,000 people.
- The UAE leads in the adoption of crypto assets, with 72% of local users investing in Bitcoin.
- The number of traders is forecast to grow to 700,000 by the end of 2024, fueled by a friendly regulatory climate and growing demand for digital assets.
Dynamics of Development of the Region
Bitget found significant growth in crypto exchange users in February 2024, especially in the UAE, driven by the launch of Bitcoin ETFs and favorable regulation. Similar transformations are also observed in other countries moving towards a compromise approach to crypto assets.
Interest in crypto assets is growing among the population, with 29% of respondents considering them the best way to store savings and 34% being crypto traders. The majority, 72% of respondents, prefer Bitcoin.
Market Trends
Global crypto exchanges remain the preferred choice for local traders, while local tokens have lower liquidity and inferior traffic. Popular crypto wallets in the region include Trust Wallet, MetaMask and others.
The adoption rate of crypto assets in the Middle East is expected to continue to increase, reflecting the dynamic development of the market. Bitget is optimistic about its ability to influence the development of this promising sector.
