Bitcoin Drops, Crypto Giants Flock to Abu Dhabi to Seek Funding

Source: TokocryptoBlog Original Title: Bitcoin Drops, Crypto Kings Flock to Abu Dhabi, What’s Happening? Original Link: https://news.tokocrypto.com/bitcoin-turun-para-raja-crypto-ramai-terbang-ke-abu-dhabi-ada-apa/

Migration of Crypto Capital to Abu Dhabi

Several major figures in the global crypto industry are flocking to Abu Dhabi, United Arab Emirates (UAE), seeking large funding injections from wealthy Middle Eastern investors. This move comes amid the crypto market pressure that has weakened over the past two months.

Sources familiar with the situation say that crypto executives are interested in attending after rumors circulated that major investors, including representatives of sovereign wealth funds (sovereign wealth fund) worth around US$330 million, are in Abu Dhabi coinciding with the crypto conference. However, these high-profile investors are said to be difficult to track.

Crypto industry leaders are known to move from one conference to another, attend closed-door dinners, and try to establish connections with local elites and royal families. The UAE is increasingly viewed as a new global crypto investment hub.

Michael Saylor in Abu Dhabi

One of the figures seen in Abu Dhabi is Michael Saylor, founder and Executive Chairman of Strategy. He attended the Bitcoin MENA Conference. In an interview, Saylor admitted that his company’s stock price has fallen more than 50 percent since mid-year.

To counteract this pressure, Saylor said he presented the company’s strategy to hundreds of potential investors, including those from sovereign wealth funds. The strategy is described as an effort to make Strategy a “Bitcoin-powered rocket” with an investment vision of US$20 trillion. To reach these investors, Saylor mentioned the Gulf region as a primary target.

Similar efforts are also undertaken by other companies. The president of Metaplanet, a Japanese hotel operator turned Bitcoin investor, revealed plans to raise funds through a new preferred stock project called “MARS,” after their company’s shares also came under pressure.

Additionally, some potential investors active in Abu Dhabi include Dominari Holdings, an investment bank often linked to US elites, and Hanwha Group’s investment and securities division from South Korea. Hanwha openly states its ambition to make Abu Dhabi a major center for crypto product development.

Bitcoin’s Price Continues to Drop

On the other hand, the global crypto market conditions still raise concerns. The decline in Bitcoin prices and sell-offs across various markets surprised many industry players, especially after previous expectations that pro-crypto policies would drive rapid growth in this sector.

Although the US stock market remains near its all-time highs, Bitcoin has slowed since October. Additionally, crypto legislation plans in the US face obstacles, following criticism and delays in discussions by several legislators.

Nevertheless, interest in crypto in the UAE region is showing an increasing trend. This situation makes Abu Dhabi a new magnet for the world’s crypto giants who are seeking large capital to support their strategies amid volatile markets.