Dutch national Saajan Mangrey, who lives in Dubai, made a million dollars by investing in Bitcoin at the right time.

In June 2016, the UAE citizen spent $11,770 on 22 bitcoins at $535 each. They were worth $1.815 million on Monday afternoon when Bitcoin rocketed to an all-time high of more than $82,500.

Following last week’s victory of Donald Trump in the US elections, Bitcoin and other cryptocurrencies have surged to all-time highs. Investors and analysts believe that the Trump government’s policies will benefit cryptocurrencies more than those of the previous Joe Biden administration.

This indicates that in just six days, Mangrey’s Bitcoin holdings had grown by more than Dh1 million.

According to Muhannad Al-Teneiji, founder of Wealth Training Center and CEO at Matrix for AI, UAE investors who predicted Trump would win have been buying cryptocurrency gradually throughout 2024, expecting future market gains.

Because Trump supports cryptocurrencies and the UAE’s benevolent regulatory framework, many long-term holders in Dubai and Abu Dhabi continue to have faith in their cryptocurrency holdings. The UAE’s crypto-friendly regulations and Trump’s victory have strengthened investor confidence in long-term digital asset ownership,” he continued.

According to Century Financial’s chief investment officer, Vijay Valecha, the world’s biggest cryptocurrency has doubled since hitting its lowest point of $38,505 on January 23, 2024.

UAE adoption growing

Since 2021, the UAE has witnessed a significant surge in the adoption of cryptocurrencies, with almost 30.4% of the population, or 3 million people, currently holding cryptocurrency, Al-Teneiji stated.

Investor trust in the UAE cryptocurrency sector further grew after Donald Trump’s overwhelming victory in the 2024 election and his strong support for cryptocurrencies. By 2028, the sector’s income is expected to have grown by 7.89 percent yearly to $395.8 million. 

The UAE is now a regional leader in the adoption of cryptocurrencies thanks to several important factors, including the creation of the Virtual Assets Regulatory Authority (VARA) in Dubai, tax exemptions on cryptocurrency transactions, and robust institutional participation, he said.

According to Joseph Dahrieh, managing principal at Tickmill, internal factors—such as adopting favorable regulations and government initiatives to promote technological innovation—rather than Trump’s recent election have been the primary drivers of the UAE’s gradual increase in cryptocurrency adoption.

⁠Will Bitcoin touch $100,000?

Al-Teneiji believes that if the market continues to perform well, Bitcoin will probably hit $100,000 by early to mid-2025. “The momentum right now is really bullish… Unless there are significant market disruptions, this goal appears attainable in the near to medium term, he said, as optimism grows.

Al-Teneiji went on to say that five significant factors will largely determine the future of cryptocurrencies: increasing institutional adoption; technological developments; global economic conditions, such as inflation, interest rates, and monetary policy; the changing regulatory landscape; and environmental concerns regarding the energy consumption of cryptocurrency mining.

The market’s future is still unclear, according to Joseph Dahrieh of Tickmill, even though the cryptocurrency community is hopeful that Bitcoin might hit $100,000 as early as this year. 

Positive and restrictive regulatory actions have the potential to either support or limit Bitcoin’s rising trajectory. Even though the $100,000 level is getting closer, the volatility of the cryptocurrency market and the uncertainties around new regulations may have an impact on Bitcoin’s path, he stated.

On November 6, digital asset custodian Copper. Co. also stated that Bitcoin might continue its upward trend into the new year, with a target price of $100,000.

Mohamed Hashad, chief market strategist at Noor Capital, believes that after Trump’s election victory, Bitcoin will surpass $100,000. The growing market dominance of stablecoins and the high open interest (OI) in futures markets indicate that traders are setting themselves up for significant volatility. 

He continued, “There is potential for substantial market leverage, which could push Bitcoin to $100,000 within the next three months, given that the market capitalization of stablecoins has reached a new high and is ranging around $160 billion.”

According to Rifad Mahasneh, general manager at OKX Mena, the recent 25 basis point interest rate cut, the outcome of the global election, and the emergence of traditional stocks have all had an impact on the crypto industry’s paradigm shift into the next stage of growth. 

According to Mahasneh, “the fundamentals of Bitcoin are becoming more evident to a wider audience base, with access also increasing,” even though there will still be macroeconomic and geopolitical unpredictability, which will cause greater short-term volatility.

Word of caution

Because cryptocurrencies are so unpredictable, economists advised against investing in Bitcoin as it hit a record high. Please research your investments if you wish to make any kind of investment, especially in cryptocurrency. 

“Anyone who wishes to invest in anything, including cryptocurrency, should research their options. I saw right away that this would be a long-term investment. Bitcoin, in my opinion, is growing in strength. I didn’t make an investment with the intention of becoming a “crypto millionaire.” I made an investment because I thought the technology and the vision were promising.” said Mangrey.

According to BitOasis CEO and co-founder Ola Doudin, investors are optimistic that a Trump administration will contribute to greater regulatory certainty in the US, which is ultimately necessary for the industry’s sustainable and responsible expansion. “For the time being, we anticipate some additional enthusiasm in the market, but we will have to wait and see how this develops in the future,” she stated.

According to Muhannad Al-Teneiji, CEO of Matrix for AI and founder of Wealth Training Center, the short-term outlook seems especially promising due to expected shifts in SEC leadership and a more crypto-friendly regulatory environment.

Market confidence has increased due to Trump’s pro-crypto policies, including establishing a strategic Bitcoin reserve. He stated that improved market liquidity and greater institutional adoption are anticipated to help the sector in the medium run.