For crypto millionaires, closing business deals and acquiring more assets is a daily agenda. Since Dubai is a fast-growing economy with various multi-million investment opportunities, it has proven a safe haven for crypto millionaires. This has caused a massive exodus of millionaires from the west, therefore, promoting a massive shift of wealth. According to a study done by Morgan’s international realty,
There has been a big increase in the number of crypto investors buying property in Dubai, especially in the Real estate and transport sector.
It is also notable that the bigger percentage of the new entrants are the younger generation.
But what has triggered this massive relocation to Dubai? Well, some economists argue that Dubai is a crypto-friendly city and there is truth to it. Even though cryptocurrency is not a legal tender in the United Arab Emirates, the fact that it is slowly becoming the standard global currency makes it safer to use anywhere, anytime.
Dubai is a very appealing city to invest
For Crypto Millionaires, every move must be a money move and to stay afloat and ahead of the pack, most of those moves must be profitable. In the past decade, the United Arab Emirates has grown significantly and is slowly becoming an economic superpower to reckon with. The massive economic growth spurred by good government policies which favors both the locals and foreigners has made it a go-to city for cryptocurrency millionaires. Most of them have even fully relocated their families to Dubai.
The UAE government recently established the Dubai Blockchain Centre which recently implemented free financial zones in Dubai. The DMCC crypto centre gives investors the freedom to invest in Dubai by giving permission to a number of established cryptocurrency exchanges to operate. By 2020, DMCC reported that it had 100 organizations in the crypto space and a further 900 had applied for certification.
Dubai is a major travel destination
The massive economic growth has seen Dubai set up some of the most iconic developments in the world like the Burge Khalifa which holds the Guinness book of records as the tallest building in the world. It is said if you what to experience perfection, go to Dubai. Recently, Formula one moved some of its races to Dubai and such developments mean money for crypto millionaires.
This development has seen a spike in the tourism sector, which in turn has resulted in a need for more luxury hotels and other social amenities.
The rise of Blockchain adoption in Dubai
Even though crypto is not a legal tender in the UAE, the widespread deployment of blockchain technology and acceptance by the government drew the attention of Cryptocurrency millionaires. The revolutionary vision of his highness Sheikh Mohammed Bin Rashid Al Maktoum of adopting favorable attitude towards blockchain cryptocurrency played a pivotal role in realizing this growth.
According to the Dubai media office, one of the government’s resolutions is to make the Dubai World Trade Centre a regulator for cryptocurrencies and other virtual commodities. This has gone a long way in making crypto transactions safer and effective therefore making it a go-to city for crypto millionaires.
The real estate and service industry is booming courtesy of the blockchain implementation impact
The real estate sector in UAE, and especially in Dubai is a billion-dollar business. This massive growth in the real estate sector was further fueled by the implementation of the blockchain impact act of Dubai. This act makes it easier for crypto millionaire’s to buy properties and invest in real estate. For such investors, real estate investments assure them of staying economically afloat since it is less volatile than investing in crypto.
Crypto expo Dubai
The Crypto Expo Dubai which was held at the beginning of this year Increased Dubai’s crypto exposure to the world. The expo showed the government’s determination in embracing digital assets and implementing a secure blockchain database infrastructure. The expo also showed the governments’ willingness to change regulations in a bid to promote crypto investments.
Overly, the rise of Blockchain adoption in Dubai and the ever-growing Dubai’s real estate market has opened up a huge economic gap which cryptocurrency millionaires are keen to capitalize on. This has seen massive relocation by millionaire’s in the cryptocurrency space to Dubai.
Apart from the huge investment opportunities in Dubai, there are several millionaires whose sole reason for relocating to Dubai is live life and be part of history. Furthermore, Dubai is ranked among the happiest cities and one of the safest places to raise your family. If you’ve invested smartly and worked hard, why not go and experience the goodness that Dubai offers?