A new report published by Bitget Research, the research arm of cryptocurrency exchange Bitget, has revealed that the Middle East region has seen a significant increase in cryptocurrency usage. The report discusses the main factors affecting the adoption rate and their effects on user behavior.
According to the report, 2024 was an important turning point for the Middle East crypto market. An average of 500,000 crypto traders operate daily in the region, marking a 166% increase compared to the previous year.
The United Arab Emirates (UAE) saw the highest statistics in terms of interest in cryptocurrencies. According to the research, 29% of users believe that digital assets offer a more convenient way to hold assets. 34% of users are cryptocurrency traders and 22% use crypto assets for daily payments.
The United Arab Emirates (UAE) leads the region in crypto usage, with a staggering 72% of local users investing in Bitcoin.
Interestingly, countries in the region rely heavily on global centralized exchanges and there is minimal demand for local exchange platforms. The report predicts that crypto usage in the region will reach 700,000 daily traders by the end of 2024.
*This is not investment advice.