A cryptocurrency exchange kiosk in Istanbul, Turkey. Bloomberg
A cryptocurrency exchange kiosk in Istanbul, Turkey. Bloomberg
A cryptocurrency exchange kiosk in Istanbul, Turkey. Bloomberg
A cryptocurrency exchange kiosk in Istanbul, Turkey. Bloomberg


Why Bitcoin is suited to the Middle East


Philip Karageorgevitch
  • English
  • Arabic

December 09, 2024

Bitcoin is not just a technological innovation; it is a transformative force reshaping how we understand money, governance and economic sovereignty. As someone who has delved deeply into its potential, I believe Bitcoin offers solutions to pressing global challenges while fostering long-term stability and individual empowerment.

My journey with Bitcoin began as I dealt with systemic issues such as inflation and centralisation. Marrying and starting a family shifted my perspective towards legacy and sustainability, leading me to lower my time preference – a concept central to Bitcoin’s philosophy. Unlike fiat systems that incentivise short-term thinking, Bitcoin’s principles of scarcity and incorruptibility align with enduring governance systems that prioritise generational stability. This realisation crystallised during the Covid-19 pandemic, a period that highlighted the fragility of global monetary systems and underscored Bitcoin’s necessity.

Bitcoin is more than a store of value; it’s a tool for protecting freedoms and fostering decentralised financial networks. Its potential becomes especially apparent in regions such as the Middle East and North Africa, where economic transformation is accelerating.

These nations are uniquely positioned to benefit from Bitcoin due to their transition from oil-based economies to knowledge-driven industries, abundant energy resources and youthful, tech-savvy populations. Bitcoin mining, for example, offers a way to monetise surplus energy while attracting investment in renewable and traditional energy sectors. This dual advantage of financial and energy innovation positions the region as a global leader in Bitcoin adoption.

Bitcoin’s transformative potential is not limited to individuals or corporations – it extends to governments and entire economies

Cultural factors in the region further support Bitcoin’s resonance. Islamic financial principles – emphasising fairness, transparency and incorruptibility – mirror Bitcoin’s core values. Additionally, the region’s reliance on remittance-driven economies highlights Bitcoin’s efficiency as a low-cost, borderless alternative to traditional financial systems. For nations seeking to empower underbanked populations and enhance financial inclusion, Bitcoin is a game-changer.

At a national level, Bitcoin adoption offers profound benefits. It enables governments to hedge against economic volatility, enhance transparency and curb corruption. Countries can reduce dependency on inflation-prone fiat systems, building reserves in an incorruptible, borderless asset. Policies supporting Bitcoin not only attract innovation and talent but also position nations to compete in a decentralised global economy.

Organisations such as JAN3, where I am honoured to contribute, are advancing Bitcoin adoption at the nation-state level. By developing infrastructure, driving policy innovation and promoting Bitcoin mining as a strategic tool, these organisations are unlocking Bitcoin’s potential for countries to achieve financial sovereignty. Mining, in particular, allows nations to transform untapped energy into economic resilience, stabilising power grids and creating new revenue streams.

Bitcoin’s transformative potential is not limited to individuals or corporations – it extends to governments and entire economies. Events such as Bitcoin Mena amplify this vision, showcasing how Bitcoin can address global challenges like inflation and limited financial inclusion while positioning regions as innovation leaders.

The world stands at a crossroads. By embracing Bitcoin, we can secure a more stable, equitable and decentralised financial future, fostering economic freedom and sovereignty for generations to come.

UAE tour of the Netherlands

UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed

Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match

Top 10 most polluted cities
  1. Bhiwadi, India
  2. Ghaziabad, India
  3. Hotan, China
  4. Delhi, India
  5. Jaunpur, India
  6. Faisalabad, Pakistan
  7. Noida, India
  8. Bahawalpur, Pakistan
  9. Peshawar, Pakistan
  10. Bagpat, India
EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
About Housecall

Date started: July 2020

Founders: Omar and Humaid Alzaabi

Based: Abu Dhabi

Sector: HealthTech

# of staff: 10

Funding to date: Self-funded

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Jordan cabinet changes

In

  • Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
  • Dr Bassam Samir Al Talhouni, Minister of Justice
  • Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
  • Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
  • Falah Abdalla Al Ammoush, Minister of Public Works and Housing
  • Basma Moussa Ishakat, Minister of Social Development
  • Dr Ghazi Monawar Al Zein, Minister of Health
  • Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
  • Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth

Out

  • Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
  • Hala Noaman “Basiso Lattouf”, Minister of Social Development
  • Dr Mahmud Yassin Al Sheyab, Minister of Health
  • Yahya Moussa Kasbi, Minister of Public Works and Housing
  • Nayef Hamidi Al Fayez, Minister of Environment
  • Majd Mohamed Shoueika, Minister of Public Sector Development
  • Khalid Moussa Al Huneifat, Minister of Agriculture
  • Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
  • Mounir Moussa Ouwais, Minister of Water and Agriculture
  • Dr Azmi Mahmud Mohafaza, Minister of Education
  • Mokarram Mustafa Al Kaysi, Minister of Youth
  • Basma Mohamed Al Nousour, Minister of Culture
THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

Day 2, Dubai Test: At a glance

Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.

Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.

The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Brief scoreline:

Manchester United 2

Rashford 28', Martial 72'

Watford 1

Doucoure 90'

The specs

Engine: 5.0-litre V8

Power: 480hp at 7,250rpm

Torque: 566Nm at 4,600rpm

Transmission: 10-speed auto

Fuel consumption: L/100km

Price: Dh306,495

On sale: now

Updated: December 09, 2024, 6:13 AM`