The amazing profits made by crypto investors in the United Arab Emirates (UAE) over the last year have been made public by ground-breaking new research released by blockchain analytics platform Chainalysis. According to a thorough analysis, cryptocurrency fans in the UAE made $204 million in earnings from their investments in digital assets in 2023.
The United Arab Emirates (UAE) achieved the desired second position in the Gulf Cooperation Council (GCC) despite ranking an excellent 38th out of the top 50 nations with noteworthy growth in cryptocurrency investments. Among all the GCC countries, Saudi Arabia emerged as the top with an astounding $351 million in cryptocurrency earnings, ranking 26th globally. Interestingly, no GCC member state entered the exclusive top 50 list.
Moreover, the United States was undoubtedly the driving force behind the worldwide cryptocurrency investment gains surge, with its investors earning a cumulative $9.36 billion in profits. The United Kingdom came in second place, not far behind, with earnings of $1.39 billion. Surprisingly, several higher- and lower-middle-income countries such as Vietnam, China, Indonesia, and India also showed their mettle in cryptocurrency, recording profits between $1.05 billion and a whopping $1.96 billion.
Bitcoin Dominates UAE Crypto Investments
The Chainalysis report further illuminates the specific cryptocurrency preferences of UAE investors. Unsurprisingly, Bitcoin emerged as the undisputed favorite, accounting for 70 percent of the total gains realized by UAE-based crypto enthusiasts. The renowned Ethereum and Ripple’s XRP cryptocurrencies secured second and third positions in popularity among UAE investors.
Commenting on these findings, Kim Grauer, the esteemed Director of Research at Chainalysis, stated, “The outsized popularity of Bitcoin and Ethereum indicates a level of maturity among UAE investors. The community is backing well-established digital assets with steady and proven performance, rather than more speculative cryptocurrencies.”
Moreover, the report unveiled that global crypto investors collectively reaped gains totaling an astonishing $37.6 billion in 2023. Chainalysis attributed this remarkable performance to the robust recovery witnessed within the global crypto markets, citing, “2023 proved to be a year of strong recovery for global crypto markets, with asset prices and market sentiment rebounding positively after the turmoil of the previous year.”
As the UAE continues to solidify its position as a regional hub for cryptocurrency and blockchain innovation, the impressive gains recorded by local investors testify to the nation’s burgeoning interest and expertise in this rapidly evolving digital frontier.
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