• Crypto adoption has been skyrocketing in the Middle East and North Africa (MENA) region due to factors such as high inflation and residents‘ desire for high-return investment opportunities.
• Mustafa Kheriba, the executive chairman of asset management firm Iceberg Capital Limited, said that interest in digital assets has not diminished despite bearish conditions.
• According to Kheriba, countries like Egypt and Turkey are being pushed towards crypto while Gulf states are being pulled by its potential as an investment opportunity.
Crypto Adoption Soars in MENA Region
The rise of cryptocurrency has been swift and pronounced in the Middle East and Northern Africa (MENA) region. According to Mustafa Kheriba, the executive chairman of asset management firm Iceberg Capital Limited, this is due to a variety of factors.
High Inflation Drives Demand
Kheriba pointed out that countries such as Egypt and Turkey are feeling the impact of high inflation rates, which is pushing citizens towards crypto assets as a store of value and hedge against fiat currency devaluation.
Gulf States See Investment Opportunity
In contrast, affluent Gulf States have seen cryptocurrency as an investment opportunity rather than a tool for safeguarding wealth from economic instability.
Developer Interest Growing
Recent research has revealed that experienced software developers are showing increasing interest in blockchain projects.
SWIFT’s Future Uncertain
Kheriba also shared his thoughts on the future of Society for Worldwide Interbank Financial Telecommunication (SWIFT). While he did not predict what will happen with SWIFT’s current model, it was clear that crypto was seen as a viable alternative.