Live updates: Follow the latest on Donald Trump’s inauguration
Bitcoin, which on Monday soared to a record of more than $109,000 ahead of US president-elect Donald Trump's inauguration, is likely to go much higher, say analysts.
The world’s largest cryptocurrency rallied amid expectations that Mr Trump's policies will promote the adoption of digital assets. Bitcoin was trading at $106,014.33 at 4.42pm UAE time on Monday.
"Bitcoin’s recent breach of $109,000 on Monday is a historic milestone, and I firmly believe this is only the beginning," said Nigel Green, chief executive of wealth management company deVere Group.
"We forecast that it could surge to $150,000 by mid-2025, driven by a confluence of factors including a pro-crypto Trump administration, heightened institutional investment, growing retail enthusiasm, and favourable regulatory developments globally. The ongoing momentum suggests that Bitcoin is cementing its status as a dominant global asset class," he said.
Bitcoin had a stellar 2024, more than doubling from $44,000 to top $100,000 for the first time on the back of Mr Trump's White House win and the launch of Bitcoin sport exchange traded funds (ETFs) in January last year.
"Trump has vowed to make the US a crypto capital for the world, with policies that push for the establishment of a strategic Bitcoin stockpile," said Vijay Valecha, chief investment officer at Century Financial.
"Crypto is here to stay, with eight states in the US introducing bills proposing crypto reserves, along with at least 13 more states preparing for similar legislation. Additionally, supporting the rally, net inflows of $1.86 billion were reported by US Bitcoin spot ETFs last week, taking the total net flow to $2.42 in the new year."
In the short term, according to Fibonacci extension levels, prices could see the $132,000 level as the first target, with a further target at $149,778, close to the psychological $150,000 level mark, Mr Valecha said.
Crypto markets perform in line with risky assets, and Bitcoin has performed best during improving US liquidity conditions, said Manuel Villegas, digital assets analyst at Julius Baer. "Overall, crypto markets are positively positioned ahead of Trump’s inauguration, the outlook on policy changes is big, and volatility is unlikely to subside anytime soon.
"That said, ETF flows are moving ahead of the inauguration, anticipating a little bit of ‘hot sauce’ to further warm up markets," he added. Julius Baer's outlook for the first quarter "remains stable, contingent on sustained demand and constrained supplies, with swings exacerbated by the macroeconomic environment", Mr Villegas said.
Mr Green also cautioned that investors must remain strategic amid the boom in crypto prices, keeping a focus on diversification and a long-term perspective. “While the current rally is incredibly promising, it’s important to note that it won't be a straight line to $150,000," he said.
"Market corrections are inevitable as investors periodically lock in profits, but these pullbacks are not a sign of weakness. Instead, they represent opportunities for longer-term growth, as the underlying fundamentals – such as institutional adoption and geopolitical demand – remain robust.”
Mr Trump was once a crypto sceptic. In his first term, he derided Bitcoin and its peers as “not money”, “based on thin air” and something that “can facilitate unlawful behaviour, including drug trade and other illegal activity”. He also described it a scam after he left office in 2021. However, in the months before and after his election this time around, he said he was considering an executive order designating cryptocurrencies as a “national priority”.
"We're gonna do something great with crypto because we don't want China or anybody else – not just China but others are embracing it – and we want to be the head," Mr Trump told CNBC in December. In response to a question on his plans to build a crypto reserve similar to oil reserves, he said: "Yeah, I think so."
The number of new meme coins and their value have jumped since Mr Trump’s election victory in November. Industry executives are hoping the incoming administration will adopt a friendlier approach to crypto assets. Along with his sons, Mr Trump has also endorsed World Liberty Financial, a crypto venture set up by his longtime business partners and others.
UAE currency: the story behind the money in your pockets
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Everything Now
Arcade Fire
(Columbia Records)
Abu%20Dhabi%E2%80%99s%20Racecard
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The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
COMPANY%20PROFILE
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
More from Armen Sarkissian
Wayne Rooney's career
Everton (2002-2004)
- Appearances: 48
- Goals: 17
Manchester United (2004-2017)
- Appearances: 496
- Goals: 253
England (2003-)
- Appearances: 119
- Goals: 53
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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The Bloomberg Billionaire Index in full
1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion
'Jurassic%20World%20Dominion'
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The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
