Bitget Research believes that the investment attractiveness of the cryptocurrency industry and the efforts of the UAE authorities to create a favorable atmosphere of crypto regulation were the main factors influencing the growth in the number of participants in the local digital asset market.
There is a disproportionate amount of interest in cryptocurrency in the United Arab Emirates. Bitget found that among cryptocurrency investors, 29% think digital assets provide a more convenient storage option. A further 34% deal in cryptocurrency trading, and 22% make daily purchases using tokens. Bitcoin and ether are the preferred investments of UAE citizens. The average number of crypto traders per day has risen to 500,000 since the start of 2024, an increase of 166% from the previous year.
Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and Bitget Wallet were named as the top five cryptocurrency wallets by Middle Eastern users, according to a preference analysis.
Bitget Research says that local investors in the UAE can use the many global cryptocurrency platforms to easily deposit and withdraw funds in the country’s currency, which is driving the growth in the figures.
Former El Salvadorian presidential advisor Max Keiser has previously stated his belief that the United Arab Emirates government is holding as much as 59,000 bitcoins (BTC) in its reserves.