Attitude to cryptocurrencies amongst UAE consumers
It all started with BITCOIN, the poster child for blockchain protocol which caught the public imagination in 2017 due to its dramatic increase in valuation. While the blockchain protocol was created in 2008 as a means to bypass the central regularly authority, it never reached to its full potential as its users largely saw it as a investment instrument rather than a alternate currency (or a validation token for smart contracts).
Far from being an instrument of barter, it has morphed into a digital value creator giving unreasonable returns on its investment. Its market price volatility is almost synonymous with the heart beat of its novice investors.
Some cryptocurrency numbers of interest:
- Total market capitalization of all Cryptocurrencies – Approximately 500 Billion USD#1
- Total market capitalization of BITCOIN – 170 to 325 Billion USD #2
- Total Initial Coin Offering (ICO) Projects in 2017 – 435 #3
- Total market capitalization of ICO Projects in 2017 – 5.6 Billion USD #3
This document summarizes the findings of a market understanding study recently conducted in UAE
Future of Blockchain Technology
- Blockchain Revolution by Don Tapscott & Alex Tapscott
- Blockchain bank – https://www.circle.com/ae/