“Bitcoin Mena”, a Bitcoin event organised last December, brought together companies, startups, and Bitcoin advocates in one spot to make a case for their products and Bitcoin more generally. The United Arab Emirates (UAE) is the Middle East’s most crypto-friendly country. It has approved the first regulated cryptocurrency (AE Coin) to be pegged to the national dirham, making it an official “stablecoin.” This is the next stage in the revolutionisation of digital finance.

By Adnan Nasser
Bitcoin’s impressive growth to a six-figure price point for the first time since its inception in 2008 has driven many in the finance world and other potential investors to take the leading digital currency more seriously. It has made headways in the Arab World, with prominent entrepreneurs and public figures pushing for its acceptance by the public and for the government to adopt it in their economic policies.

At the conference, Eric Trump, a prominent investor and son of American President-elect Donald Trump, gave a passionate speech about his optimism for Bitcoin. He said it will likely reach one million dollars under his father’s second administration. The price of Bitcoin currently sits above one hundred thousand dollars.

Eric Trump said at the conference, “We are going to make the United States the Crypto capital of the world.” This made the crowd roar with jubilation. Many were coming from the US and proudly wearing hats with the words “Make Bitcoin Great Again” regarding and supporting Donald Trump’s campaign slogan. The Republican incumbent has said he will make Bitcoin tax-free and implement Bitcoin-friendly regulation while pushing for a national reserve.

Eric Trump remarked on some of the criticism levied against him by those who say his family made its wealth on more traditional assets like real estate development. He understood the legitimate argument for why some people are sceptical about Bitcoin and crypto.

Yet, he sought to clarify that he sees cryptocurrencies as a new asset class that can protect people’s wealth from being eaten by inflation. This is one common factor uniting large numbers of individuals and investors to rally behind Bitcoin.

Can Bitcoin and digital currencies make a positive impact on the Lebanese?
A mix of these caused Lebanon’s economic turmoil. The first and foremost are poor governance and mismanagement of financial resources. When the banking system collapsed in 2019 and took most of the depositors’ money with it, people lost trust in the traditional banking model.

While investing whatever cash they could get their hands on in different assets like real estate and small businesses, most Lebanese did not see Bitcoin as a legitimate purchase to hold. They may have laughed at the suggestion. However, things are different today. Across other parts of Lebanon, you can see crypto shops like Binance – the MENA region’s first crypto regulator.

Lebanon’s banking was once a respected model from which the Arab World could learn. Now, it is crushed by incompetence and lacking a political will for the government to enact reforms to redeem its proud historical reputation.

At Bitcoin MENA, An Nahar spoke with speakers who shared their insight on where Lebanon went wrong and how it could rescue itself from further economic hardship.

Bitcoin MENA speakers comment on Lebanon’s economic disaster and potential solutions.
Anthony Scaramucci, the founder of hedge fund SkyBridge, shared his insights at the Bitcoin MENA event. Scaramucci expressed his belief that by next year, China will significantly support Bitcoin.

This prediction highlights the potential shift in China’s stance towards cryptocurrency, which could have substantial implications for the global digital currency market. Scaramucci told An Nahar that Donald Trump’s publicly stated objectives regarding policy on Bitcoin make it a good bet for investors.

Filip Karađorđević, Hereditary Prince of Serbia and Yugoslavia, gave an inclusive short interview with An Nahar on Bitcoin, its possible benefits for the Lebanese, and the history of the problem.

“Lebanon was very much subjected to fractional-reserve banking and corruption. This is well known. As a result, it was a disaster in the making. It was kicking the can down the road. This was not only happening in Lebanon. We see this in many other countries like Venezuela. Then, of course, the Beirut explosion that shocked the world only made the economic crisis worse. This shows you how broken the political system is. I remember seeing tragic pictures of people breaking into banks to reclaim their money.”

Although not in a position to decide on behalf of the Lebanese, he finalised his comments by offering advice on ways for people to educate themselves on Bitcoin and that the next president should welcome the rise of cryptocurrency.

“Having your money tied up in a bank is difficult. This requires legal action. Yet, as soon as the Lebanese have access to their capital, they should buy and convert it into Bitcoin. I wish there were a way I could help them get their money out of the banks. They should learn how to create accounts where they have the keys to digital wallets, and no one else can touch them. The next president should be pro-Bitcoin. Every president should be supportive of Bitcoin.”