Bitcoin Becomes the Most Preferred Cryptocurrency in the UAE

Bitcoin Becomes the Most Preferred Cryptocurrency in the UAE

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Key points:

  • The UAE ranked second in cryptocurrency investment profits in 2023 among GCC nations.
  • With a profit of $204 million, the United Arab Emirates has ranked 38th among the top 50 nations.
  • Bitcoin is considered the most popular cryptocurrency among investors in the country.

A recent report revealed the significant gains in the cryptocurrency sector in the United Arab Emirates (UAE) over the past year. According to a report by Chainalysis, the UAE has made a substantial capital gain of $204 million on cryptocurrency investments in 2023.

Although the UAE ranked only 38th among the top 50 countries with notable gains in cryptocurrency investment, it secured second place among GCC countries. Saudi Arabia, with a profit of $351 million, reached the first position in the list of GCC countries and the 26th position among the top 50 countries. No other GCC countries were included in the list.

In particular, the United States led the rally with a total gain of $9.36 billion. The United Kingdom came in second position, with a profit of $1.39 billion. Upper-middle and lower-income countries such as Vietnam, China, Indonesia and India follow suit with earnings of $1.18 billion, $1.15 billion, $1.96 billion and $1.05 billion, respectively.

Coin edition

The report further highlighted that Bitcoin is the preferred cryptocurrency for UAE investors. Chainalysis stated: “This asset class delivered strong results for UAE investors and accounted for 70 percent of the total profits they made last year.” Ethereum and Ripple's XRP secured the second and third positions among the most preferred cryptocurrencies in the UAE. Chainalysis Research Director Kim Grauer said:

The huge popularity of Bitcoin and Ethereum indicates a level of maturity among UAE investors. The community supports well-established digital assets with proven, consistent performance, rather than more speculative cryptocurrencies.

Furthermore, the report discovered global crypto investor profits amounting to $37.6 billion in 2023. Chainalysis cited: “2023 proved to be a year of strong recovery for global crypto markets, with asset prices and Market sentiment recovering positively after the turmoil of the previous year. year.”

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