The continuation of the crisis between Russia and Ukraine and its expectations for its continuation for a longer period, the rise in oil prices and restrictions on trade dealings with Russia and its national currency, the ruble, are likely to increase the prices of famous digital currencies such as Bitcoin by 100% during the next few weeks or months, at least.
Specialists and officials in international companies described the current time as the “optimal for buying the most traded digital currencies,” noting that its rise is still highly likely, especially since some countries of the world have issued legislation related to trading on digital currencies and regulating virtual assets, or they are in the process of heading to those legislation.
They explained that the Emirate of Dubai is qualified to lead the digital and encrypted currency market in the world, thanks to the virtual assets regulation law recently announced by the emirate, and the country’s success in adopting the blockchain technology, which represents the basis for the trading of cryptocurrencies, the availability of advanced digital infrastructure, and the presence of international companies operating in the country. Specialized in the field of Blockchain, in addition to the safety of trading via Blockchain platforms and the inability to hack it.
A member of the Global Cryptocurrency Future Council of the World Economic Forum and CEO of the Dubai Blockchain Center, Dr. Marwan Al-Zarouni, said that the impact of the war between Russia and Ukraine was initially in the decline of digital currencies, but soon the prices returned to range in a limited area without increasing The note that we noticed in the prices of oil and gold.
He added that the prices of digital currencies are currently relatively low and attractive compared to their highest rise in November of last year, pointing out that “Bitcoin is the best currency to invest in these times.”
He pointed out that the Dubai Virtual Assets Regulation Law is expected to contribute to regulating cryptocurrency transactions, explaining that establishing a legal framework to legalize entities dealing with virtual assets provides a stimulating work environment for investment by institutional investors, as well as provides peace of mind, financial ease and price stability for individuals. , which in turn supports investment and provides the ideal model for the world specialized in this field of investment.
Safe havens, for his part, Dr. Hamid Al-Ansari, an advisor at the Cloudtech Group, which specializes in the field of blockchain, confirmed to Al-Rou’ah that the continuation of the political crisis between Russia and Ukraine and its expectations of its continuation for a longer period, the rise in oil prices and restrictions on commercial transactions on Russia and restrictions on its currencies, All of these factors suggest that popular cryptocurrencies like Bitcoin will rise 100% in the next weeks or at least the next few months, as safe havens.
Al-Ansari added: “This is the most appropriate time to buy the most traded digital currencies, as the rise is still highly likely, especially since some countries of the world have issued legislation related to trading on digital currencies and regulating virtual assets, or they are in the process of heading to such legislation.”
He pointed out that Dubai’s issuance of a law regulating virtual assets and providing the necessary systems to protect investors and dealers in this sector will contribute to attracting investments and companies working in this field to make the emirate a center for their business.
In turn, the expert in digital transactions, Rami Abdel Hai, said that the UAE was a pioneer in adapting modern technology, which makes it ready to lead the digital economy globally, especially in digital currencies.
Abdul Hai added that digital currencies will not be a substitute for banking transactions, but will only be a catalyst because it is difficult to replace, but can be used in other purchasing transactions, explaining that digital currencies will represent new investment opportunities to form a momentum in global investments in parallel with investment in the money markets.
According to data from the CoinMarketCap website, which monitors the performance of cryptocurrencies, and during yesterday’s trading, until the time of writing the report, the “Bitcoin” currency fell 0.1% following its price fell to the level of 39.07 thousand dollars, and the “Ethereum” currency fell 0.09% to reach 2580 The “BNP” coin recorded $372.1, while the “Polkadot” coin recorded $18.11.
