First-Ever Middle Eastern Bitcoin Fund Launches in Dubai

Overall, Bitcoin has been a hot topic in crypto-news since May when Elon Musk tweeted about no longer selling Tesla for BTC.On the other hand, some business leaders, such as MicroStrategy CEO, Michael Saylor, are very optimistic and investing billions of dollars in BTC.  

We can see the same trends in terms of cryptocurrency policies in different countries. For example, El Salvador is trying to officially adopt BTC, while others, such as China, are actively trying to ban BTC mining. 

While every major business or country is revising their stance on BTC, it is interesting to see where bigger economies are headed in their decision about Bitcoin. The First Ever Middle Eastern Bitcoin Fund was listed on the Nasdaq Dubai by 3iQ Corp, Canada’s largest digital asset investment fund manager on June 23rd. 

3iQ CEO Frederick Pye stated that there might be one more correction, but there is also a possibility that the markets will consolidate over the summer before bringing Bitcoin to another all-time high. Regardless, he expressed his confidence about the decision to open the first Middle Eastern Bitcoin fund, despite BTC recently losing 50% of its value:

“I believe that, whether it happens this year, Bitcoin is going to get to a new all-time-high. Yesterday’s Bitcoin closed at $32,000-a-unit and this morning it opened up at $34,000, so we got about a five percent boom in the price of Bitcoin since yesterday. Hopefully we’re going to get a good move on the first day of the Dubai NASDAQ.”

The news articles and different opinions about Bitcoin are going to keep coming and changing over time. But the fact is, the major economies are taking sides and are either utilizing the potential of cryptocurrencies or have fear about how it might endanger their local regime or bureaucratic system. It tells at least one thing: cryptocurrencies, such as BTC, have a potential to influence the world and the people in a way that it never happened before. Being part of this movement does have its highs and lows, but the potential of cryptocurrencies to give financial freedom and next level development is worth holding on for. If you want to learn more about recent crypto-news and token review, you can follow LATOKEN on Medium, on LATOKEN Blog or LATOKEN VCTV channels. 


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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.