Photo by AFP used for illustrative purposes
Bitcoin investors in the UAE are poised to reap substantial rewards as the cryptocurrency market appears ready for expansion, especially with the expected impact of the forthcoming Trump administration in the US. At the Bitcoin MENA conference in Abu Dhabi, experts forecasted that Bitcoin's value will keep climbing, with some likening it to 'digital gold'. Khurram Shroff, a pioneering cryptocurrency investor and tech tycoon, shared his bullish outlook. 'According to American entrepreneur Michael Saylor, the value of Bitcoin could soar to $13 million,' Shroff stated. 'Currently, it stands at $100,000. So, if someone invests $500 or $1,000 in Bitcoin, they could potentially become very wealthy over time.' He made these remarks to Khaleej Times during the Bitcoin MENA conference, which commenced in Abu Dhabi on Monday. The conference convenes global experts and participants to delve into the opportunities, challenges, and innovations within the Bitcoin ecosystem, particularly in the MENA region.
Shroff emphasized that the Trump administration is anticipated to support cryptocurrency, potentially boosting its value further. 'The US government has already drafted a bill to acquire up to 1 million Bitcoin,' he noted, adding that the number could escalate to 6 million. 'If the US purchases 30-40% of the world's Bitcoin, the price could skyrocket.' Brandon Green, chief of staff at BTC Media, mirrored Shroff's optimism, labeling the US government's stance on Bitcoin as 'historic'. He stated, 'This paves the way for every country to adopt a Bitcoin policy in line with the US. The US has essentially set the standard for what it means to be a pro-Bitcoin nation.' He also expressed confidence that the UAE, which he described as a 'leader in Bitcoin regulation,' would emulate the US, further cementing its role as a pivotal player in the cryptocurrency arena.
Abdulla Aldhaheri, from the Blockchain Centre Abu Dhabi, discussed the expanding potential of Bitcoin beyond mere transactions. 'Instead of merely holding Bitcoin, we will start seeing more products,' he said. 'People are already using it for payments and as collateral. There will also be lending, borrowing, and staking, among other activities.' Shroff also highlighted the 'intriguing' convergence of Bitcoin and artificial intelligence (AI), which he believes will revolutionize the landscape further. 'AI is evolving towards AI agents, capable of negotiating contracts with each other,' he explained. 'For the first time, two AI agents conversed, negotiated a contract, and made a payment in Bitcoin. This is groundbreaking and signifies that humans will have even less work to do.'
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