Nasdaq Dubai, a major financial market in the United Arab Emirates, has announced that Bitcoin will be listed on the stock exchange. It will be the first cryptocurrency to go public in the Middle East, after the market has experienced a meteoric rise in recent months. The arrival of the crypto created in 2008 comes at a complicated time, not only for Bitcoin, but for all digital currencies, which are experiencing a period of continuous declines and which has caused, among other things, companies such as Tesla, which accepted payments in Bitcoin, to stop doing so.
"This milestone is a step forward in Dubai's tireless efforts to meet and exceed the ever-changing needs and demands of investors," said Nasdaq Dubai's managing director. Frederick Pye, CEO of 3iQ Corp, explained that the idea of expanding and bringing cryptocurrency to the Middle East was an idea they already had in mind when they launched the fund in Toronto last year. This new option is positioned as a very important alternative for regional investors looking to diversify their investments.
The announcement of the arrival of Bitcoin on the United Arab Emirates stock exchange comes at a critical time for the cryptocurrency, which has seen how, after reaching its maximum value this year - a figure of more than 64 thousand dollars - it has fallen to almost half that value, dropping to 34 thousand dollars at present. The fall in the crypto market has been generalised and several well-known figures from the world of finance have warned of the danger of this type of currency due to its volatility.
Different governments have long been critical of this type of currency precisely because of the little - or rather no - control they have over them. With the arrival of Bitcoin, the hope was to achieve a payment method that would solve exchange problems and that, in addition, would have security levels that would guarantee the proper use of the cryptocurrency. However, over the years, despite the fact that the security pillar has even been improving throughout this time, Bitcoin has become another form of investment and a new alternative for speculation that has led it, in cases such as the current one, to suffer sharp declines, causing million-dollar losses for its buyers.
One of its biggest supporters, Elon Musk, CEO of Tesla and Space X, had to stop accepting Bitcoin payments for the purchase of his cars because of the difficulty he encountered in valuing payment amounts as it is a currency that does not guarantee any kind of stability. Louis Navellier, president, founder and fund manager at Navellier & Associates, believes that Bitcoin could continue its decline to below $10,000.