Last week, a number of prominent leaders in the cryptocurrency field gathered in Abu Dhabi, aiming to strike deals with wealthy Emirati investors capable of providing a boost to the industry after a two-month slump.
According to informed sources, news of the presence of major investors in the city during the cryptocurrency conference spread, prompting these leaders to flock to the Emirati capital. There was speculation about the attendance of representatives from a $330 billion sovereign wealth fund, but it was hard to locate them.
Executives in the cryptocurrency space moved from one conference to another, participating in private dinners with prominent figures, and seeking connections with members of the ruling family.
Among them was Michael Saylor, the founder of Strategy (formerly MicroStrategy) and its former CEO and current head of strategy, who was seen at the Bitcoin MENA conference. Saylor confirmed that he presented his strategy for acquiring more Bitcoin using various financial instruments to hundreds of investors, including sovereign wealth funds, and that he traveled to the Gulf for this purpose. He described his company as a 'Bitcoin rocket' targeting a $20 trillion idea.
The president of Metaplanet, the Japanese company that has turned into a Bitcoin investor, also announced a plan to raise funds through a new preferred stock project called 'Mars', following a significant drop in the company's stock prices.
Among other potential investors is the investment bank Dominary Holdings, favored by the Trump family, and the investment and securities division of South Korea's Hanwha Group, which has expressed its desire to make Abu Dhabi a key center for cryptocurrency products.
This influx comes amid sudden declines in the cryptocurrency market, despite previous expectations that U.S. President Donald Trump's pro-cryptocurrency stance would lead to a major recovery. Bitcoin has slowed since October, facing delays in new legislation due to criticism from some Democratic lawmakers.
Nevertheless, the United Arab Emirates, particularly Abu Dhabi, is showing increasing interest in the cryptocurrency sector, making it an important emerging hub for investment in this field.
