Bitcoin Becomes UAE's Preferred Cryptocurrency

Bitcoin is the preferred cryptocurrency for UAE investors, according to a recent report by Chainalysis.

Bitcoin transactions accounted for 70% of capital gains within the UAE in 2023, with Ethereum and Ripple’s XRP coin ranking second and third respectively, indicating a mature crypto investment approach by the UAE, in a time when a lot of investors look to riskier, speculative cryptocurrencies.

The report also ranked the country second on the list of GCC countries with the most crypto investment gains; investors in the UAE gained the equivalent of USD 204 million in 2023, compared to USD 351 million in Saudi Arabia, which took the top spot. The UAE’s figure puts it in 38th place in global rankings, as one of only two GCC countries in the top 50.

Globally, crypto investors gained a total of USD 37.6 billion in 2023, with the USA ranking number 1 with USD 9.36 billion gains. Comparatively, second place, secured by the United Kingdom, only gained USD 1.39 billion.