“Bitcoin price has more than doubled since July, and the bull run we’ve witnessed this year has stirred considerable interest among investors,” shared Ola Doudin, CEO and co-founder of BitOasis in an interview with Arabian Business.
On Monday evening, bitcoin had hit a new all-time high, with its price at one point rising above $67,700, eclipsing a previous record set in late October. On Thursday morning that had dropped only slightly to $64,754.
JP Morgan has also renewed its bitcoin long-term price prediction, doubling it to $146,000, with a short-term price target of $73,000 for 2022.
UAE likely to be global cryptocurrency hub
Cryptocurrency adoption in the Middle East is higher than it’s ever been and regulatory frameworks to support crypto-related financial services is growing
“A growing number of investors are looking at their bitcoin investments as an inflation hedge and a long-term store of wealth,” added Doudin.
BitOasis delivered trading volumes exceeding $1.5 billion in the first half of 2021 and has seen a doubling of its user base in the last six months compared to the same period last year.
Doudin shared that supportive regulatory frameworks, increasing institutional adoption, and growing investment in blockchain tech are the leading factors driving the adoption of crypto assets.
“We are also noticing increasing adoption rates among institutional investors who are keen to diversify their clients’ investment portfolios,” she added.
“It is still early days in the MENA region, where people are just getting warmed up to the idea of investing in cryptocurrencies.”
While that may be true, crypto adoption in the region is higher than it’s ever been, and Doudin believes that “the right regulation, coupled with investor awareness initiatives, is going to drive mass adoption of crypto assets in the region”.
Supported by the UAE’s regulatory framework, BitOasis recently announced that it has become the first crypto exchange in the country to set up a local bank funding option for users, enabling all UAE-based users of BitOasis to locally transfer funds from their UAE bank account to their BitOasis account free of any charges.
Users will also be able to make zero-fee withdrawals from their BitOasis account to their UAE bank account.
Alongside the elimination of deposit and withdrawal fees, the process of moving funds to the user’s BitOasis account is set to be easier and swifter. Once the platform has been added as a beneficiary within the user’s online banking profile, they can swiftly move money to the BitOasis platform, cutting down processing times.
“We’re grateful for the continued support of the UAE government and our partnership with the authorities and national banks that will help accelerate our growth in a compliant and regulated manner,” said Doudin.
“The comprehensive virtual asset policy framework introduced by the Abu Dhabi Global Market (ADGM) will protect existing and potential crypto investors and build confidence in the market….ADGM has been instrumental in our journey,” she added.
This launch comes right at the heels of BitOasis’s $30 million Series B funding announcement, its recent tie-up with the UAE FIU (Financial Intelligence Unit) and partnership with Dubai Police HQ, through which it aims to raise awareness around crypto fraud.
“Earlier this year, BitOasis became the UAE’s first virtual asset service provider to be linked with the GoAML platform launched by the UAE Financial Intelligence Unit (FIU). This initiative aims to curb organised financial crime including money laundering, terrorism financing, and other illegal financial activities. We’re also working closely with Dubai Police to raise awareness around crypto fraud,” she said.