Government perception of crypto is shifting fast
Bitcoin is taking center stage in U.S. presidential elections
When I started working in crypto almost a decade ago, the idea of any country, especially the world's largest economy, discussing Bitcoin as a strategic reserve asset seemed absurd. But here we are: Bitcoin is now a pivotal issue in the U.S. presidential elections. Presidential candidates are now actively courting the crypto community, each vying to be seen as more crypto-friendly. They are vowing to end Operation Chokepoint 2.0 and incentivize crypto businesses to launch in the U.S. This stands in stark contrast to the past three years, during which U.S. regulators adopted a punitive approach to the industry, pushing many companies offshore to the benefit of our region and places like Dubai and Hong Kong.
This year alone, we’ve seen Bitcoin ETFs approved, marking the most successful ETF launch in history. BlackRock, the world's largest asset manager, has accumulated over 300,000 Bitcoin and continues to buy more daily. The recent acceptance and launch of the ETH ETF have further solidified crypto's place in traditional finance. Additionally, major traditional financial institutions like Fidelity, Morgan Stanley and many others have expanded their crypto offerings, signaling a broader acceptance of digital assets.
These developments underscore a significant shift in the perception and adoption of crypto. The competition is heating up now, with the U.S. and other jurisdictions shifting their stance to become more crypto-friendly. Europe is also rolling out Market in Crypto-Asset Regulations (MICA), so the competition for talent and attracting crypto companies will only get more intense. This means our window to be the first movers in this space is closing fast. It is crucial for regional governments to step up and follow Bahrain and UAE’s path by developing regulatory frameworks that allow investors a safe and legal way to invest in crypto. Crypto is here to stay, and our region, MENA, as a whole, can capitalize on this by being among the first in the world to adopt it. There's still time, but we need to act sooner rather than later, or we will miss out.
