Can I Buy anything with Bitcoin in the UAE?
Did you know that the Fintech Market in UAE is expected to have a total transaction value of US$26.77bn in 2022? This astonishing amount is credited to Fintech marketplaces’ value in the UAE. In the upcoming year, analysts suggest the growth to be 44.8% which is whooping high. Also, note that the most popular cryptocurrency in the region is Bitcoin.
But what exactly do you do with Bitcoin?
Like any other currency, the digital asset is used to buy items. The most popular way to buy anything with the digital asset is Bitcoin Trading, but the daunting question remains. What exactly can you buy with Bitcoin in the UAE? Read on to find out!
One of the most luxurious items in the world is a car. The necessity to some, a way of the pompous show to others. Cars are at the top of our list for items you can buy through bitcoin trading in the UAE. Many car dealerships in the region allow you to choose from their pre-approved stock vehicles, the ones you would like to purchase. Thereby the company assists you in transferring bitcoin to their account, and Boom! You can have a car delivered to your doorsteps.
Dubai is essentially aiming to be the crypto hub, and its fast pace has taken all users by storm. You can buy villas, apartments, luxury, and even standard property using cryptocurrency like Bitcoin. Residency areas like Palm Jumeirah, Blue Waters, and One JB, to name a few, offer properties that can be bought with Bitcoin. Also, the cherry on the top is the fact that in making such a transaction, you do not have to pay any additional fee, and within moments, Viola, you can have your own home! Talk about digital assets being the new normal?
Buy insurance with Bitcoin
The insurance industry has been highly skeptical in regard to cryptocurrency. However, certain life insurance companies have been coming around to accepting cryptocurrencies. Currently, AXA announced that it is accepting bitcoin for all of its lines of insurance except life insurance. This was due to regulatory issues, but the company is on board for the most part. So, if you are in the UAE, rest assured that you can buy some insurance with the Bitcoin you have stored.
Amongst the eminent software houses of the world, the name Microsoft is the most popular. With millions of users worldwide, the company started accepting Bitcoin as a form of payment for its online Xbox Store in 2014. The company then transiently had stopped accepting the cryptocurrency due to the volatility associated with it but has now started accepting it again but mainly for Xbox Store credits. The only product on the list is Microsoft office 365, which is still limited to fiat currency. However, the tables may turn at any time in the future with more companies climbing on board.
Buy Franck Muller with Bitcoin
If you are into luxurious shopping specifically for watches, Franck Muller’s name must resonate with you. The watchmaking company 2019 partnered with Regal Assets to unveil the first functional Bitcoin watch known to the world as Vanguard Encrypto. The timing for the watch’s release could not have been better. During the time it was released, pricing for Bitcoin topped $40,000, which is pretty high for stakes. Of course, the watch can naturally be brought with Bitcoin, with only 500 Enrcytpto watches being sold currently. The competition to purchase it might be tougher than you’d expect.
Bitcoin is a reliable form of payment and has challenged the world with its capacity. The cryptocurrency has been setting the world ablaze with its potential. Despite the fluctuation associated with the crypto market, it cannot be denied that digital assets hold insurmountable potential. If you are looking to invest in cryptocurrency within the UAE region, the opportunity is one of a kind. With more legalization and products to buy, the cryptocurrency trade proves itself a worthy business.