UAE : UAE one of the highest growth rate markets for cryptocurrency usage in Q1 2024
The UAE emerged as one of the markets with the highest growth rates in cryptocurrency usage globally in Q1 2024, with a surge in both daily payments and digital currency investments.
The number of daily traders of cryptocurrencies in the Middle East jumped 166% year-on-year to reach 500,000 by April 2024, according to Bitget research. The number of daily traders is expected to exceed 700,000 by the end of 2024.
Vugar Usi Zade, COO of Bitget, said, "A whopping 72% of local users in the UAE are investing in Bitcoin. Of the users surveyed, 29% are very interested in digital assets."
Usi Zade said that the continued growth of the UAE cryptocurrency market is expected to attract more international and regional cryptocurrency companies to the country.
Moreover, more and more Middle Eastern countries are beginning to re-evaluate cryptocurrencies with an open mind, and it is becoming one of the fastest growing regions in terms of cryptocurrency usage.
Digital currencies like Bitcoin are said to have gradually become compliant and important assets. More and more users have started using cryptocurrencies for money transfers, especially in areas where the penetration of traditional banking services is low.
Data shows that Bitget's MENA region has seen a 500% jump in transaction volume over the past six months.
Comments