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As investors and consumers continue to hold cryptocurrencies for the long term, cryptocurrencies are increasingly becoming a part of savings for residents in the United Arab Emirates.
While deposit interest rates have also increased in recent years, UAE consumers still believe that, with wise investment and careful risk calculation, cryptocurrencies can provide them with higher returns.
Aicha Fadhel, a mother and a Ph.D. holder among UAE residents, has been investing in cryptocurrencies for over two years.
"I invested over $2000 in cryptocurrencies, which is part of my savings strategy. Due to the impact of market dynamics, the value of my cryptocurrency savings has experienced fluctuations. Overall, I have witnessed growth and temporary declines. However, I remain focused on the long-term potential of my investments."
Abobakr Magdy, another Dubai resident, initially invested only 1000 dirhams. His investment portfolio includes various currencies such as ETH and Bitcoin, as well as promising ones like ADA and BNB. He stated, "Once I became familiar with trends and platforms, I increased the investment amount to 10,000 dirhams."
Compared to cash deposits and other options, Magdy prefers using cryptocurrencies for savings due to higher returns.
George Pavel, the General Manager of Capex.com in the Middle East, mentioned that the adoption of cryptocurrencies in the UAE is actively growing, thanks to the positive and cryptocurrency-friendly stance of the UAE government. However, he also noted that cryptocurrencies come with significant risks.
The proactive and cryptocurrency-friendly stance of the UAE government helps encourage local residents to invest in and use cryptocurrencies. With the recent rebound of cryptocurrencies in the past few weeks, we may see investors benefiting from market performance. |
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Post time 5-2-2024 21:03:34