As luxury goods urge people to buy things, the revolutionary specifics of Bitcoin also attract people to buy Bitcoin in Dubai. We will go into detail and cover topics about 4 reasons why to buy Bitcoin in Dubai.
Dubai, the luxury capital of the world, is also known for its interest in cryptocurrencies. Many seminars and conferences are held in Dubai due to the high demand for crypto projects. Also, another reason for such activities is the investment and cooperation within the crypto world.
The most traded and valuable cryptocurrency, Bitcoin holds its place as the first cryptocurrency buying option in Dubai. Although Dubai does not recognize Bitcoin as legal tender, there is no law against buying and holding Bitcoin in Dubai. The tolerance to the new technologies probably will result in further recognition of Bitcoin in Dubai. The role of some crypto exchanges, such as Coinsfera in allowing people to easily buy Bitcoin in Dubai with cash, is undeniable. Here are the reasons to consider buying Bitcoin in Dubai:
- Buying Bitcoin is having a revolution in your pocket
Bitcoin emerged as an alternative solution to the modern financial system. The peer-to-peer decentralized system is considered free from the sanctions and regulations of the central authorities. The financial recession in 2008 inspired the alleged creator of Bitcoin, Satoshi Nakamoto. Individuals buy Bitcoin in Dubai to benefit from the features of the store of value and payment medium for products and services.
People can hold Bitcoin as a hedge against inflation given the US dollar has unlimited supply and the FED devalues its own currency by printing. The store of value feature allows Bitcoin to be considered as a "digital gold" in terms of scarcity and value. The amount of Bitcoin is limited to only 21 million, and no more BTC can be issued.
- Prominent investors believe and invest in Bitcoin
Well-known investors buy Bitcoin and BTC make up some part of their portfolio. During one of the interviews, the billionaire hedge fund founder, Ray Dalio, mentioned that "I have some Bitcoin." Former hedge fund manager Michael Novogratz stated that he is still bullish on Bitcoin in May 2021 at CNBC. The comments of those investors prove that Bitcoin is a profitable investment and has the future.
- Companies increase their Bitcoin holdings
The strong fundamentals of Bitcoin attracted some companies and caused them to add Bitcoin to their balance sheets. The total amount of Bitcoin that companies own is 180,957 which is worth $ 6,436,169,679, according to CoinGecko. There are some big names on that list such as Tesla and MicroStrategy. The driving factor of adding Bitcoin to their balance sheets is to fight against the inflation that the US dollar brings to their balance sheets.
Microstrategy tops the list of companies with 92,079 bitcoins. The CEO of the company, Michael Saylor, is one of the Bitcoin supporters and buys Bitcoin whenever suitable conditions come up. The dollar value of their Bitcoin holdings of Microstrategy increased by 1 billion at the price of $ 35k for BTC.
Elon Musk added 48,000 Bitcoin to the company balance sheets of Tesla. The tweets of Elon Musk increased the attraction to Bitcoin even more. The price of Bitcoin almost doubled the buyout price with the pro-Bitcoin tweets of Elon Musk. Also, Tesla allowed people to buy Tesla cars with Bitcoin in the USA but the company canceled it shortly. The adoption of Bitcoin seems inevitable with all those steps that have been taken.
- States begin to open the borders for Bitcoin
The involvement of countries carries the Bitcoin craze to another level. The mayor of Miami, Francis Suarez is known for his support for Bitcoin. With his lead, the biggest Bitcoin event was held in Miami on June 4-5 2021. Many renowned Bitcoin speakers attended the event. Michael Saylor, Jac Dorsey, Tony Hawk, Nick Szabo, Cameron and Tyler Winklevoss, and many others were there to support Bitcoin. Possibly in the future, most of the shops in Miami will accept Bitcoin, and tax and other payments could be collected in BTC.
El Salvador took a huge step towards cryptocurrency adoption by making Bitcoin the legal tender. President Nayib Bukele proposed making Bitcoin legal tender, and congress approved this by 62 out of 84 votes on 8th June 2021. This made El Salvador the first country with Bitcoin as legal tender.