A leading daily in the UAE revealed the rising popularity of crypto savings in the country, as even the younger generation has become the new crypto investors.
A prominent daily in the UAE has claimed that the popularity of crypto savings has increased sharply in recent times. According to the report, more crypto investors in the UAE are turning into long-term investors. Meanwhile, the exponential returns of Bitcoin and other tokens in 2023 may have also contributed to crypto adoption in the UAE.
The report stated crypto investors in the UAE believe their investments will yield higher returns than traditional deposits. A UAE resident the report interviewed said, “I have invested more than $2,000 in cryptos as part of my savings strategy. The value of my crypto savings has experienced fluctuations due to market dynamics. Overall, I have witnessed both growth and temporary declines. However, I remain focused on the long-term potential of my investments.”
Moreover, industry insiders in the country are also bullish on the future of crypto. They stated the pro-crypto steps from the UAE government, coupled with rising adoption and regulation worldwide, could contribute to it. They said most of their users view crypto as a hedge for inflation or volatility in currency valuations.
The steps taken for crypto adoption by the UAE government regularly made headlines in 2023. For instance, the UAE saw the inauguration of an exclusive crypto zone last year. The zone was dedicated solely to crypto firms and is a free trade zone with numerous tax benefits.
On the other hand, the UAE also turned into a Bitcoin mining hub with its energy efficiencies, helped by friendly trade policies. With the current statistics, the UAE may soon become a hub for crypto adoption globally.
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