According to reports from multiple trusted sources, the cryptocurrency marketplace, especially Bitcoin, will see its most significant growth in countries in the Gulf region in 2022.
The MENA (the Middle East and North Africa) countries include Lebanon, Kuwait, Iraq, Egypt, Algeria, Bahrain, Jordan, Israel, and Iraq. Yemen, the UAE (United Arab Emirates), Syria, Saudi Arabia, Qatar, Oman, Morocco, and Libya are other countries within this Jurisdiction.
More than 9 percent of the overall crypto transactions that occurred around the Globe between July 2021 and June 2022 were from Middle East and North African countries. Furthermore, cryptocurrency traders in this region received around $566 Billion worth of digital assets within that period.
However, as the gulf region is experiencing a rapid crypto trading growth of over ten times, the United Arab Emirates (UAE) has the most significant transactions rate, of all the countries mentioned.
United Arab Emirate Growth Horizon
Reports from the Crypto Oasis of the blockchain ecosystem in the MENA region indicated that before September 2022 runs out, 1400 actively running organizations and individuals have crypto-related jobs. The report further stated that approximately 7,000 blockchain technology jobs are currently running in the region.
Crypto Oasis released a statement through the founder of the organization, Glabischnig Ralf. The founder stated that the availability of financial resources and opportunities will be tenfold the size of the UAE’s cryptocurrency sector.
Dubai, in its strive to achieve being included in the top spots in the globe with a metaverse eco-system, has been stretching helpful hands towards the move with great efforts.
Before 2027, they plan to create around 40K online jobs and add $4B to their economy. The World Trade Center is a controller of businesses engaging in digital assets appears to be a requirement for Dubai’s Web 3.0 goal.
How extensive may Bitcoin adoption be in MENA?
Three of the leading 30 nations on the 2022 Crypto Adoption Index are located in the MENA area, indicating that the territory is not falling behind in regard to BTC usage.
The best of the three countries, Turkey, came in at number twelve, second by Egypt at number fourteen. On the top-30 list, Morocco came in at number 24.
The economic conditions in Egypt and Turkey are high, with the Egyptian Pound and Turkish Lira increasing by 13.5 percent and 80.5 percent, respectively.
The case for digital currencies as realistic alternative repositories of value was bolstered by economic unrest, decreasing the worth of the national currencies of the two countries drastically.
As the popularity of cryptocurrencies among consumers rises, this trend may help the whole MENA region’s crypto sector continue to thrive.