top of page

Who are the people using crypto as payment?

GB Market Commentary 06/06/2022

by Marcus Sotiriou


Yesterday Bitcoin printed its first green weekly candle in 10 weeks as the crypto markets are seeing some relief this morning. Bitcoin is now facing significant resistance around $31,500-$32,000, but if it can hold above this level, we can expect continuation to the upside.


Dubai is progressing with crypto adoption as the country’s retail giant, Majid Al Futtaim, has partnered with Binance to accept cryptocurrencies at its 29 malls and 13 hotels. According to the Binance CEO, CZ, “Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year.” Binance Pay, which supports more than 40 cryptocurrencies, will be integrated so that millions of customers to pay with cryptocurrencies at Majid Al Futtaim’s various destinations. In 2021, its malls had 175 million visitors.


In addition, a Dubai-based luxury property developer DAMAC has made $50m in property sales settled with crypto in 2022. It is evident that the UAE is fast becoming a crypto-friendly country as crypto is being used as payment extensively.

The topic of crypto adoption was dived into by Block Inc. (formerly Square Inc.) recently. The financial services and digital payments firm released Bitcoin: Knowledge and Perception, a report detailing a survey of 9,500 participants in 14 countries across Americas continent, Europe Middle East, Africa (EMEA), and Asia-Pacific (APAC) with the purpose of addressing common misconceptions about Bitcoin.


Appeal of using bitcoin to send to others and value of bitcoin as means of transacting

One of the key highlights in the report was addressing who buys bitcoin and why. The report found that, in general, lower income countries use Bitcoin for utility reasons, such as purchasing goods or sending money, while higher income countries buy Bitcoin more as a means of investment. This makes sense due to the lack of financial infrastructure in lower income nations like Nigeria and Vietnam and highlights the greater need for crypto in these areas.

Comentários


GB_CC_May_Digital Asset Trading_Whiteout
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • telegram logo

GlobalBlock EU ApS is a company incorporated and registered in accordance with the applicable laws of the Kingdom of Denmark as virtual asset service provider, with registration number (CVR-number) 45126382. GlobalBlock EU ApS is wholly owned by GlobalBlock Holdings., a company registered in England and Wales with registration number 15929099 . GlobalBlock EU ApS is not a licensed financial services provider and is not supervised as such by the Danish Financial Supervisory Authority. GlobalBlock EU ApS is supervised with respect to anti money laundering by the Danish Financial Supervisory Authority within the scope of the Danish Act on Prevention of Money Laundering and Terrorist Financing and other legislation stemming thereof.

.
GlobalBlock Europe, UAB is a company incorporated and registered in accordance with the applicable laws of the Republic of Lithuania as a virtual currency depository wallet operator and virtual currency exchange operator, with registration number 306045642. GlobalBlock Europe, UAB is wholly owned by GlobalBlock Holdings Ltd., a company registered in England and Wales with registration number 15929099,  GlobalBlock Europe, UAB is not a licensed financial services provider and is not supervised by the Bank of Lithuania. GlobalBlock Europe, UAB is supervised by the Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania within the scope of the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania and other legislation stemming thereof.
 
Investors should be aware that cryptocurrencies are volatile investment instruments that carry a high degree of risk to the capital investment. The information in this website is not intended and should not be construed as an offer, solicitation or recommendation to buy or sell any specific investments or participate in any specific investment (or other) strategy. The products and services outlined on this website may not be suitable for all types of investors. The value of an investment can go down as well as up, and you may not get back the amount you originally invested. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of GlobalBlock Europe, UAB based on the legal requirements in your country of residence. The information in this website is for information purposes only and is subject to change. No part of this website can be reproduced without written permission.


 Client fiat is held with GlobalBlock in accounts with BCB Limited,and does not meet the definition of Electronic Money (e-money). Client fiat and cryptocurrency are not “safeguarded” nor covered by any compensation scheme. Clients could potentially lose their cryptocurrency or fiat if something were to happen to GlobalBlock or, BCB.

Cryptoasset Notice

Cryptoasset services are provided by GlobalBlock Europe, UAB (“GlobalBlock”).   Cryptoassets are not regulated in any jurisdiction and the value of your assets can increase or decrease. You should note that your cryptoasset profits may be subject to Capital Gains Tax.

The service you obtain through the website or the app in the UK, contains cryptoasrvices not regulated by the Financial Conduct Authority. Please be aware that:

  • You will have no recourse to the Financial Ombudsman Service in the event of a complaint relating to cryptoasset services.

  • Your cryptoasset account is not protected by the Financial Services Compensation Scheme.

  • Cryptoassets may experience frequent price volatility resulting in a high degree of risk.

bottom of page