Several leading players in the cryptocurrency ecosystem converged on Abu Dhabi last week, eager to strike deals with wealthy Emirati investors who could provide a boost to the industry after a sluggish two months.
Following their arrival in the city, sources close to the situation mentioned that what drew these crypto titans to Abu Dhabi was the rapid spread of news that significant investors were in the city during the crypto conference.
According to the news, it was speculated that representatives from a $330 billion sovereign wealth fund were circulating, but it appeared to be challenging to locate them.
Michael Saylor travels to the UAE seeking significant investors
Following speculation that it is difficult to trace individuals from the $330 billion sovereign wealth fund, crypto executives rushed to the capital city and largest emirate of the United Arab Emirates (UAE).
At this time, they moved from one conference to another, sharing details about private dinners featuring prominent personalities and seeking connections to members of the royal family.
As they continued to exercise this practice, sources noted that Michael Saylor, the founder, former CEO, and current Executive Chairman of Strategy, was part of this group. He was spotted during the Bitcoin MENA conference. When reporters reached out to him to comment on this claim, Saylor stated that the stock price of his firm had drastically declined by more than half since midyear.
Therefore, to address this issue, he explained that he had presented his strategy to gain more digital currency using various financial tools to hundreds of investors, including those from sovereign wealth funds. To get in touch with them, he had to travel via the Gulf. Some of the efforts Saylor implemented were to share a presentation with interested parties that described Strategy as a rocket fueled by Bitcoin, targeting a “$20 Trillion Idea.”
Meanwhile, the president of Metaplanet, a Japanese hotel operator that established itself as a Bitcoin investor and has also faced a significant drop in stock prices, revealed on stage that the firm is seeking to raise funds via a new preferred-share project known as “MARS.”
Other potential investors identified included Dominari Holdings, the investment bank frequently preferred by the Trump family, and the investment and securities division of South Korea’s Hanwha Group. Notably, Hanwha publicly stated its intention to make Abu Dhabi a key hub as it advances into cryptocurrency products.
Crypto community raises concerns about the current market declines
The current declines in the crypto market have caught many by surprise. Earlier, several believed that US President Donald Trump’s stance on crypto would significantly boost the industry, leading to considerable profits and faster adoption.
While stock markets based in the US reportedly remained close to record highs, Bitcoin slowed down in October. This was after the sell-offs of several markets impacted traders and exchanges.
Moreover, the plans Trump has set for cryptocurrency legislation have encountered criticism, as some Democratic lawmakers have slowed the progress of a new bill intended to establish regulations for the digital currency market.
However, despite these challenges, individuals in the UAE have demonstrated an increased interest in the crypto sector.
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