Here is how Binance's presence in Dubai will double the city's economy in 5 to 10 years.
As you may have already heard, Binance has signed a deal with the Dubai World Trade Centre Authority to establish an industry hub for global virtual assets. And as cool as that sentence sounds, many are wondering what this actually means in terms of growth for the crypto community and Dubai as a city.
In this article, we are going to make 3 main optimistic predictions on what this kind of news could mean for future growth for the Crypto community and Dubai as a city.
Prediction number 1: The number of people living in Dubai will increase by at least 25% in the next 3 years.
Knowing from basic research that Binance has just over 28 Million users in 2021 (Which is simply mind-blowing), we can assume safely that Binance is the world's leading cryptocurrency exchange by far. Therefore, we can also safely assume that Dubai will immediately gain consistent marketing exposure to an additional 28 million users over the years. Moreover, from this basic analysis, we can then safely assume that Crypto users who want to reduce their capital gains tax spending will move to Dubai. And if 10% of Binance users move to Dubai, that is an influx of 2.8 M people.
Prediction number 2: The economy of Dubai will double in 5 to 10 years.
Based on how fast-paced Dubai is as a business hub. We can safely predict that taking on future technologies, such as crypto and NFTs, will be no obstacle for the leaders. And From this, we can predict that Dubai will be a future central hub for digital assets moving forward. Moreover, if the crypto market alone can grow from 0 to $2.2T (At the time of this writing) in only 10 years, then it should not be a surprise that Dubai can grow its own crypto market to a few hundred billion in the next10 years. Especially since Dubai was a complete desert 50 years ago and today is a world-leading economic city. All this information shows that the city's leaders have the technical knowledge and the resources for massive scalability and adoption of new technologies.
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Prediction number 3: Dubai will become one of the top 5 places to live in the world in the next 5 years and it will stay there.
From the information presented above, we can understand that one of the basics of having a good lifestyle is the ability to be in a place of abundant financial opportunities. And having a whole new asset class, such as digital assets, enter the Dubai market will allow for an unlimited amount of opportunities. Furthermore, since Dubai is already one of the safest places to live in the world, adding abundant economic opportunities makes it very easy for Dubai to shift from top 20 to top 5 cities to live in.
From the predictions above, I truly believe that having Binance work together with Dubai's private and semi-private companies will dramatically grow the city's position as a world leader.
Please drop your own predictions in the comments below for how this news will affect Dubai over the years! And don’t forget to like ??
If you are a Crypto or Blockchain company looking to move to Dubai, please contact me at [email protected] or visit www.binhendi.com to submit an inquiry.
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Web Developer, SEO, Social Media Marketing
2 年Nice
Co-Founder at TRUST
2 年Really interesting predictions. May have to do the move for my business! Thanks for sharing
Web 3 | Blockchain | Cryptocurrency
2 年Totally agree, Mena. #blockchain is already impacting many industries. And the fact that Binance chose Dubai says we are in the right track and growth is just a matter of time. Keep it up. I’ll share with you a new educational project that I have with #nfts ??
Single Family Offices rep @ Confidential | Due Diligence, M&A
2 年Its been few years they been release PR about settle down in Malta, then other countries, but is there any place which they could deal with AML regulatory?
Building FlapKap | LinkedIn Top Voice | Fintech | SME Financing
2 年Coincidentally was discussing this yesterday with someone. the leadership of Dubai proves yet again how forward-thinking they are and their vision is beyond what the rest of the world is looking at. Dubai is at the bleeding edge of tech, and for a city that is so young, it really is commendable. With Binance and the onset of the metaverse, it is probably the most exciting time for tech and social evolution. It's like being in the early 1990s and witnessing the birth of the internet. If people still question the relevance of these technologies then they would be like the orthodox commentators in late 1990s who said the internet is a fad :). oh look where we are talking about it, on the internet :)