Bitget Research: The number of crypto traders in the UAE is growing by 166% daily

According to analysts at Bitget Research, it is predicted that by the end of 2024, the number of traders from the United Arab Emirates (UAE) actively participating in daily transactions on global cryptocurrency platforms may exceed 700,000 individuals. This increase in participation within the local digital asset market is mainly attributed to the UAE authorities’ efforts to create a favorable regulatory atmosphere for cryptocurrencies, as well as the investment attractiveness of the cryptocurrency industry.

Out of all the countries surveyed, the UAE has displayed the highest level of interest in cryptocurrencies. In a recent study conducted by Bitget, 29% of crypto investors affirmed that digital assets provide a more convenient storage option. Additionally, 34% identified themselves as cryptocurrency traders, while 22% utilize tokens for their daily payments. Among the investment preferences of UAE citizens, Bitcoin and Ether are the most favored assets. As of the beginning of 2024, the number of daily crypto traders has already reached an average of 500,000, indicating a remarkable 166% increase compared to the previous year.

When it comes to cryptocurrency wallets, preferences among users in the Middle East region include Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and Bitget Wallet.

Bitget Research attributes this steady growth in participation to the availability of convenient channels for depositing and withdrawing funds in local currencies, which are accessible to local investors on most major global cryptocurrency platforms.

In a related note, Max Keiser, Advisor to the President of El Salvador, recently shared his speculation that the UAE government itself is actively investing in bitcoins. It is estimated that the UAE’s balance sheets could potentially hold up to 59,000 BTC.