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The United Arab Emirates (UAE) continues down the path of doing its best to become a Bitcoin haven. The largest discount store in the country has announced that they will accept Bitcoin as payment in both its online and physical stores. The Khaleej Times hailed the move as a “next step into the future cryptocurrency.”
While other countries continue to push for regulation on Bitcoin and other cryptocurrencies, the momentum for smaller countries accepting Bitcoin with open arms continues to develop. On the day that the U.S. announced they would be shutting down Tornado Cash, an Ethereum privacy protocol, the UAE continued to encourage Bitcoin development.
The UAE has already welcomed companies like Bybit, Binance, and FTX during the bear market and continues to establish itself as a hub for future development. The regulations in the UAE are so friendly that it is even rumored that Zhu Su and Kyle Davies, the notorious fund owners of Three Arrows Capital, were planning on escaping to the UAE.
Bitcoin in the U.S., despite recent events in the space, continues to gain market share as well. It is estimated that 60% of businesses in the U.S. currently accept Bitcoin as payment and a Deloitte survey revealed that 75% of retailers in the U.S. are planning to accept Bitcoin in the future.
We have seen a slow and steady growth for Bitcoin being accepted as payment for goods despite the volatile swings in price. The foundation for everyday Bitcoin payments continues to be built today even without the use of the Lightning Network.
- The largest discount retailer in the UAE has announced that they would accept Bitcoin as payment in online and physical stores.
- Despite losing more than 50% of its purchasing power in the last three months, Bitcoin continues to see merchants announce their acceptance of the currency.
Bitcoin Marches on Towards ‘Medium of Exchange’
With each new merchant accepting Bitcoin, momentum for Bitcoin to make the leap from a ‘store of value’ to medium of exchange gains traction. It is during bear markets where Bitcoin has historically developed the most infrastructure to support the next bull run. However, with Bitcoin simultaneously experiencing a bear market and its first recession, previous cycles do not guarantee the outcomes of future cycles.
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