Digital assets are seeing massive adoption in 2022. This is happening despite the huge market volatility and the fact that our world is sinking in one crisis after another.
On the other hand, the truth is that Bitcoin and crypto, in general, have been enjoying increased popularity, especially amidst tormented times. Let’s go back to 2020 when the coronavirus pandemic hit the world.
Normality as we used to know it seems to have ended back then and life became governed by fear and uncertainty. The lockdown measures and the disease have made life a living hell, but crypto managed to resist through it all.
Bitcoin dropped in price really quickly when the pandemic hit, dropping below $4k, but then the FOMO kicked in, and everyone started buying the king coin like crazy.
For more than two years, the king coin and other digital assets managed to show their resilience and strength, and their price continued to surge.
Bitcoin was able to show the whole world that it is not correlated with the traditional markets, and it’s a great safe haven, not to mention a hedge against inflation. Inflation continues to rise, and people are searching desperately for viable investments for 2022 in order to preserve their wealth.
The rising inflation in 2022
Inflation keeps rising, and this is getting worse in 2022 amidst the times of war that we’re living in. As you probably know by now, the tensions between Russia and Ukraine are only getting stronger, and this is affecting the whole world economy.
America’s inflation is also surging, and it’s inflicting a lot of pain on household budgets all over the country. On the other hand, it’s also important to note that not everyone is affected in the same way, according to an interesting article shared by CNN. The economic data shows the general trend of prices, but it does not tell the story of individual groups.
This is what the Federal Reserve Governor Lael Brainard said.
“Today, inflation is very high, particularly for food and gasoline. All Americans are confronting higher prices, but the burden is particularly great for households with more limited resources,” Brainard continued and stated at the Minneapolis Fed’s Spring 2022 Institute Research Conference.
According to official data, it seems that lower-income households are spending 77% of their income on necessities. This is compared to only 31%, which is spent on necessities by the higher-income households.
More than that, it’s important to note that lower-income households have much smaller financial cushions. Also, they may not have the ability to switch to lower-priced alternatives that easily.
“Inflation disparities between the rich and the poor grow during bad times,” said David Argente, assistant professor of economics at Penn State University. He spoke during the panel that followed Brainard’s remarks.
President Biden and Fed Chairman Jerome Powell said that even if the wages have been on the rise. This will happen especially in lower-paying jobs in the leisure, hospitality, and retail industries. Also, the price hikes have to be brought under control.
Economists and financial experts as well are worried that if the prices continue to surge for much too long, the consumers will start putting off or delaying their purchases. All this could result in eating into the nation’s economic growth.
As a result, the Fed has already started raising the interest rates, and they seem to be committed to continuing doing it, according to Brainard. She also made it very clear that the central bank’s balance sheet will go down quicker compared to the previous policy-tightening cycles.
Anyway, as a conclusion, this massive surge of inflation has a result that digital assets enthusiasts love – the mainstream adoption of crypto is intensifying on a daily basis.
The rising inflation leads to crypto adoption
The rising inflation in 2022 is definitely leading the path towards crypto adoption on a larger scale.
MicroStrategy’s Michael Saylor also talked about the issue and made sure to point out the fact that the rising inflation is great for crypto adoption. This is important because it’s been the goal of the crypto space for a really long time; it’s probably the most important goal that the crypto industry has, and a lot of things have supported this target so far.
Saylor believes that an increase in inflation will be weakening the global currencies a lot, and this will lead to the adoption of crypto more and more.
The surge in food and oil prices will impact the economy and public debt, and the governments are adopting tax breaks. Bitcoin evangelist Michael Saylor recommended the king coin as an inflation hedge and store of value to investors, financial institutions, and economists as well.
Saylor tweeted not too long ago that this surge in prices all over the world is triggering mass crypto adoption.
The surge in food & fuel prices is going to further weaken global currencies and encourage the imposition of capital controls, price controls, & export controls, favoring a strategy based on digital products, digital services, & digital assets. #Bitcoinhttps://t.co/9QYb4DwqBV
— Michael Saylor⚡️ (@saylor) April 4, 2022
Saylor is citing a Wall Street Journal article that addresses the ways in which the rising inflation is weakening the global currencies and the surging public debt. He believes that the governments’ control of the capital, price, and export will basically be the catalysts that will trigger more adoption of digital services, products, and assets.
This surge in prices for oil and food has triggered protests all over the world. Governments have been forced to continue their subsidies, and this resulted in increased spending by governments. All this naturally led to a surge in the public debt.
There are still some countries that can manage the rising inflation up to a limit by boosting the interest rates and inducing a monetary easing. On the other hand, it’s imperative to mention the fact that poorer nations and the countries that are debt-ridden have now been faced with significant challenges amidst this rising inflation.
An essential shift towards digital assets’ adoption
There are a lot of countries, including Ukraine, El Salvador, and South Korea, which have already started to make massive moves towards the push for crypto adoption after they’ve been faced with rising inflation and increasing public debt.
More important business leaders, including MicroStrategy’s Michael Saylor, Mike Novogratz, Elon Musk, and others, have already advised governments and investors about the massive benefits of crypto, including Bitcoin, of course.
Also, it’s essential to mention the fact that important financial institutions such as BlackRock, JPMorgan, and Morgan Stanley are looking to invest in crypto as the interest in digital assets has been growing among their clients.
Meanwhile, the IMF warned about the growing crypto adoption and the decreasing US dollar dominance. All this is a result of the Russia-Ukraine war.
People are turning towards crypto heavens, like the UAE
Thanks to the vast openness to trade and the extremely low taxes, the United Arab Emirates is flaunting the 10th freest economy in the whole world, according to the Index of Economic Freedom. The governments in the UAE are currently and openly encouraging foreign investments. More than that, cities such as Dubai have managed to become popular for their massive entrepreneurial spirit.
Dubai managed to become, over the years a genuine crypto heaven for enthusiasts. There are various reasons for which this has been happening, and people are moving there.
UAE became in a really short period of time one of the most luxurious and desired places on the planet. One of the reasons for which this is happening is the fact that it’s extremely open to supporting crypto and its underlying technology, the blockchain.
All this led to the fact that for people who dream of buying a property there, crypto is the safest bet, and the UAE is supporting this. As a result, a lot of investors have moved there, and they’re enjoying secure transactions.
Buying real estate properties in the UAE with crypto is a great choice, and this is thanks to its cost-effectiveness and the ability for people to save time and energy that the processes involving money transactions usually require.
On the blockchain, after the payment is approved, the transfer is almost instantaneous, and there are no delays involved. Many specialized platforms such as Crypto Expat are dealing with supporting customers to buy properties in the UAE. Especially for international buyers, such a move will turn out very cost-0effective.
This is crucial in 2022, when the whole world is faced with a lot of financial issues due to the many crises that have been taking place on the planet for more than two years now.
Using crypto costs significantly less on international transfers compared to the traditional one. As you probably know by now, the banks are charging massive fees.
On the other hand, when you are using crypto, you will not have to deal with such hardships which involve extra charges. Digital assets are making instant transactions possible, and all this is happening at extremely low fees.
Experts conclude that Dubai, the wealthy city in the UAE, is one of the best places to be if you are a crypto enthusiast who is looking to live on digital assets.
“With no capital gains tax, ease of buying and selling (crypto) anonymously and spending with cash makes life very easy for an enthusiast (in Dubai).” This is what a source who spoke to the online publication BeInCrypto said.
“Compared to most industrialized countries, I would say that Dubai is one of the easiest and best places to come and realize and spend crypto gains. Being able to buy property and cars directly for Bitcoin is very unique and in many western countries not even possible,” they added.
The most important Dubai crypto events to look forward to in 2022
There are at least two notable events in Dubai for crypto enthusiasts, and they will both be taking place in October. Check out the two important crypto events that will make crypto enthusiasts’ fall great.
Blockchain Economy Expo 2022 Dubai
According to the official notes, the organizers of this event are proud to announce it – this is taking place for the very first time in the World Expo history. The event is hosted between October 1 and October 2.
“It is a great honor for us to be trusted to bring together the blockchain community in the city of Dubai, the high-tech capital of MENA, as part of the Expo 2020 Dubai in Dubai Exhibition Centre on November 14-15, 2021,” the organizers said.
It’s also worth noting the fact that the WORLD EXPO has been held for 170 years, and for the very first time, blockchain technology will be introduced to the world. The important thing is that this will be happening at the same level for countries, international organizers, and traditional businesses, according to the organizers of the event.
They also highlighted the fact that this is a genuine once-in-a-lifetime opportunity for everyone, for all crypto enthusiasts to come together and redefine the financial and technological world of the future. The truth is that traditional finance is definitely getting outdated from more points of view, and crypto, together with blockchain, represents the future.
The organizers also wanted to note the fact that Expo 2020 Dubai was planned to start in October 2020. But, as you might have already guessed, because of the covid-19 pandemic, it was delayed till the October of 2021. Now, finally, people who are into crypto and the blockchain have an opportunity to attend a blockchain event physically.
Future Blockchain Summit 2022
This is the second notable crypto event that will be taking place in October as well. This one is scheduled between October 10 and October 13.
According to official notes, the world’s leading and largest government-hosted Blockchain festival, Future Blockchain Summit, is back for a third edition hosted by Smart Dubai at Dubai World Trade Centre.
The organizers say that “the city of Dubai is mandated to have all government transactions on the blockchain and will be the world’s blockchain capital.”
Future Blockchain Summit is the official Blockchain event of Smart Dubai. This is the driving force behind the UAE’s Blockchain Strategy, and it is also poised to bring together global enterprises, blockchain startups, and government entities at the Summit. All this will be happening to boost crypto and blockchain adoption and to make this dream a reality.
According to the official website, during four days at the Summit, a lot of industry experts will be leveraging a lot of networking opportunities, an expert conference program, and also transformational workshops. All these will be exploring various themes, including “Blockchain for Enterprise, The Future of Digital Assets and Into the Metaverse.”
The official website of the event also cites an important speaker at the event from 2021, Changpeng Zhao, Binance’s CEO, and Founder:
“UAE a shining example of tech adoption. Things happen here very fast, it is one of the most pro business environments in the world, and things are built with real quality.”
Another important person who spoke back then, Robert Gryn, CEO at Metahero said: “Energized is the best way to describe what happened today at the Future Blockchain Summit – Metahero once again stealing the show. Between featured panels, numerous on-site interviews, and more conversations than we can count – we provided the Metahero experience to everyone, and it’s a powerful experience.”
Another notable event took place in March in Dubai
Back in March, another notable event took place in Dubai. It’s more than clear that there is a growing interest in digital assets in Dubai. People are curious about crypto, and they are looking for more varied investment opportunities. This is exactly what the motto of this specific event we are talking about.
Crypto enthusiasts were thrilled to learn that the Dubai-based organizer HQMENA announced the second edition of the largest crypto gathering.
Crypto Expo Dubai 2022 was an exquisite premier crypto exhibition and conference that brought together more than 100 crypto companies.
The event gathered a wide network of blockchain and crypto professionals from different exchanges, payment, and liquidity solution providers, ICO, NFT, and play to earn projects, metaverse, and extremely important industry executives and experts.
Crypto Expo Dubai 2022 kicked off on March 16, 2022 with industry leaders delivering their cognizance. Featured exhibitors showed off their products and services to the visitors at Crypto Expo Dubai 2022. The event took place at Festival Arena.
Leading Crypto Expo in MENA Region had high profile speakers listed as the following: Igneus Terrenus from Bybit, Lennix Lai from OKX, Wayne from Binance, Jeetu Kataria from DIFX, Allen Wei from LBank, Mohammad Khalifa from Garantex, Anndy Lian from BigONEexchange (Kishu Inu). All these important people delivered their thoughts, forecasts, and knowledge on the future trend of cryptocurrency.
It’s pretty safe to say that Dubai is indeed becoming a crypto hub and a blockchain first stop for enthusiasts.
Cryptocurrencies are delivering the most important influence on the financial ecosystem, and there is no doubt about this anymore.
Crypto Expo Dubai 2022 was an event of innovative discussion and networking that supported the rise of institutional interest in crypto and the blockchain. It was also focused on the growth of crypto-focused venture capital.
UAE is a global hub for innovation and the digital world
It’s important to note the fact that the UAE is already recognized all over the world as a global hub for crypto.
The Emirate’s adoption of blockchain, FinTech, and crypto technologies keeps developing in Dubai, and, at the same time, it is implementing frameworks in order for it to become more attractive for companies in these sectors.
Dubai is set to be the world’s new crypto capital
More relevant publications are already naming Dubai as an important crypto location. For instance, News 18 just named the location as being on the right path to becoming the next crypto capital. The article noted that Bybit, which is a crypto exchange based in Singapore, revealed recently that it would relocate its headquarters to Dubai. This month, it will begin operations there.
There is another important announcement that has been made by Crypto.com – this is a Singapore-based crypto exchange that stated the fact that it will create a regional hub in Dubai. They also noted that they would begin an important recruitment drive in the upcoming months. The exchange also said that they have a customer base of more than 10 million people from over 90 countries already.
Forbes also addressed the issue and revealed important quotes.
“Bybit looks forward to contributing to the virtual assets innovations of the emirate’s vibrant economy and having our global headquarters in Dubai.”
This is what Ben Zhou, co-founder, and CEO of Bybit recently stated. He continued and said this: “This in-principle approval is an extraordinary opportunity for Bybit to support the United Arab Emirates and the wider region’s ambition to become a global virtual assets technology hub.”
They also mentioned the fact that Crypto.com plans to become a massive presence in the crypto space in Dubai.
It’s extremely important to note the fact that both platforms are two of the leading platforms in the crypto space.
If you are wondering how come these two platforms decided to move to Dubai, well, the main trigger that led to the move is the new regulation which is part of the UAE’s drive to become a global crypto hub.
Forbes also mentioned the fact that Binance just won a license in mid-March to operate its regional business from Dubai. It’s also been revealed that the European affiliate of crypto trading platform FTX has announced that its regional office will be there as well.
Starting a new life in Dubai is a viable choice in 2022
A lot of people have been giving it a thought about whether to start a new life elsewhere and get second citizenship or residence. As we already explained, Dubai has become one of the favorite locations that crypto enthusiasts are choosing these days, and the reasons are many.
After two years of nightmare pandemic, new tensions are flooding the world, and this time, they are stemming from the Russia-Ukraine war. No wonder people are thinking about relocating, especially from the problematic areas.
The question of whether you should be considering moving to Dubai has the answer yes coming from a lot of people these days. There are a lot of reasons for which people choose this.
According to official reports, it’s been revealed that the UAE government has launched a new initiative that allows foreigners over the age of 55 to settle within the country.
The same notes reveal that residents under this Visa will have to obtain their own health insurance policy. It is also important to note that they will have to meet at least one of the following financial criteria:
“Earn a minimum monthly income of AED 15,000
Hold a minimum of AED 1 million in cash savings in a UAE bank account in a three-year fixed deposit
Own a property worth at least AED 1 million within the UAE.”
As a conclusion, “this new visa will allow retirees to live in the country for five years, which will automatically be extended.”
Get a visa easy in Dubai and use crypto to purchase a property there
Probably contrary to your expectations, getting a Visa for moving to Dubai is not as difficult as it may seem in 2022. There are specialized companies such as Crypto Expat, which are eager to help their clients move there and, who knows, maybe even start a business and enjoy all the benefits of developing it in the UAE.
The UAE has to offer enormous and growing business stability, huge markets, steady growth, a tax-free regime, and all kinds of investor-friendly processes.
It’s great to know that all kinds of innovative business models can be created in the UAE. As we already explained, the fact that the location is crypto-friendly is vital, and this is the safest option that people have here for making payments and doing business.
More and more people choose to spend their wealth in Dubai, and a lot of individuals see the many reasons for which real estate is a great choice. Speaking of crypto, digital assets allow the buying of any property in the UAE safely, easily, and quickly.
This has been one of the main reasons along with the tax-free regime in Dubai that led people to decide on moving here.
Traditional finance has become flawed over time. Transactions between banks take days; it also turned out that we are not even the owners of the fiat money that we have stored at the bank; the government can freeze our bank accounts any time they see fit and more.
This is where crypto enters the building. Using crypto has turned out fantastic for a lot of people, and the benefits of crypto and the blockchain are the ones triggering the mass adoption of digital assets.
This has been probably the most important goal that was set in stone by the crypto space, and the resilience and strength that the digital assets have proved only come to support the mass crypto and blockchain adoption. Crypto and the blockchain reflect the future, and important companies and enterprises are already understating this. Do you?