On January 4th, 2023 Term Sheet, a well-known financial newsletter by Fortune (typically regarding PE/VC) posted a series of predictions regarding the calendar year 2023.
One of these predictions was the following:
“Dubai will become the crypto capital of the world.” —Edith Yeung, general partner, Race Capital
I will not attempt to initially define all resolution criteria in this market and will instead attempt to handle any nuances/complications/data feasibility as it arises. If by end of 2023 I think it is not possible to confidently resolve this market in the spirit in which it was intended, I reserve the right to resolve as "n/a".
Any clarifications to the resolution criteria will be listed below, along with the applicable date:
[TBU]
🏅 Top traders
| # | Name | Total profit |
|---|---|---|
| 1 | Ṁ74 | |
| 2 | Ṁ57 | |
| 3 | Ṁ33 | |
| 4 | Ṁ30 | |
| 5 | Ṁ26 |
Dubai is well on its way to becoming a global hub for cryptocurrency and blockchain technology.
Considered the second most crypto ready city in the world, the UAE in particular has a significant share of the global cryptocurrency market with over $25 billion in transactions, a 500% increase between July 2021 and June 2022. In addition, cryptocurrency-related companies are establishing operations in Dubai, including Bybit, a prominent cryptocurrency exchange, establishing an office in Dubai.
In addition, the UAE government has launched a number of initiatives aimed at promoting blockchain technology, with the goal of digitizing at least 50% of government transactions using blockchain technology, indicating its potential to become an important hub by 2023.
Source:
Crypto & Blockchain in the UAE: Achievements & Opportunities | Al Bawaba
UAE remains a burgeoning blockchain capital in 2023 (zawya.com)