Home News Cryptocurrency Adoption Surges in Middle East: Bitget

Cryptocurrency Adoption Surges in Middle East: Bitget

Bitget's research forecasts a continued uptrend in cryptocurrency adoption across the Middle East.

By Inc.Arabia Staff
images header

Bitget Research, the research arm of cryptocurrency exchange and Web3 company Bitget, unveils compelling insights into the region's digital asset landscape.[1]

Throughout 2024, the Middle East witnessed a remarkable surge in crypto trading activity, with an average of 500,000 daily traders locally—a staggering 166% year-on-year (YoY) increase. The UAE emerges as a frontrunner in this adoption wave, boasting a remarkable 72% of local users investing in Bitcoin.

Centralized exchanges have emerged as the primary arena for cryptocurrency trading, drawing over 500,000 daily active users on average in February 2024. The approval of Bitcoin exchange-traded funds (ETFs) and favorable local regulations are two factors driving this surge.

Notably, 29% of surveyed users in the UAE perceive digital assets as a convenient asset-holding method. In comparison, 34% actively engage in cryptocurrency trading, with Bitcoin emerging as the preferred investment choice, often dubbed "digital gold."

While the UAE leads the charge, other Middle Eastern countries also embrace cryptocurrencies, transitioning from restrictive policies to more accommodating regulatory frameworks to attract investments and foster innovation.

Despite the region's interest in cryptocurrencies, local exchange platforms struggle to gain traction, with global centralized exchanges dominating the landscape. This disparity is attributed to the superior variety and liquidity of assets offered by global exchanges, coupled with the convenience of currency deposit and withdrawal channels.

In parallel, decentralized exchanges (DEXs) are gaining prominence among Middle Eastern users, with platforms like Uniswap, Pancakeswap, and Raydium leading the decentralized trading sphere. Wallet preferences also reflect this shift, with Trust Wallet, MetaMask, and Bitget Wallet ranking among the top choices for users in the region.

Looking ahead, Bitget's research forecasts a continued uptrend in cryptocurrency adoption across the Middle East, with daily active users projected to reach 700,000 by the end of 2024 from 330,000 in 2023.

Bitget added that the UAE is seeking to bolster its presence in the global cryptocurrency arena, positioning itself as the leading hub in the Middle East for cryptocurrency talent, capital, and enterprise. This expansion is expected to foster a surge in the adoption of on-chain applications among Middle Eastern users, with terms like "airdrop" and "on-chain mining" likely to trend on social media platforms.

Last update:
Publish date: