Crypto Industry Flocks to Dubai as Trump Euphoria Fades
Crypto enthusiasts flocked to Dubai on Wednesday, gathering under the scorching Gulf sun with hopes that the industry’s positive momentum will continue, even as indicators suggest the excitement surrounding Donald Trump‘s crypto policies may be waning. Featured speakers at the two-day event in the desert city include executives from leading global crypto firms, the heads of digital assets at BlackRock and Goldman Sachs, and U.S. President Donald Trump’s son, Eric Trump, who is scheduled to speak on Thursday.
Formerly a crypto skeptic, the U.S. president has pledged to support the industry by reducing regulatory hurdles and has even issued his own cryptocurrency, marking a significant turnaround for the sector following a series of crypto firm failures in 2022.
Bitcoin prices soared to unprecedented levels following his election win but have since dipped. Currently, Bitcoin is approximately 12% lower than its peak, impacted by the global trade war and concerns that the pace of pro-crypto regulation under Trump is slower than anticipated, affecting market sentiment.
Attendees at the TOKEN2049 conference, which is anticipated to draw around 15,000 participants, packed the venue while a pair of camels rested peacefully amid the vibrant background music.
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Participants expressed mixed sentiments regarding Trump’s influence on the industry. Miklos Veszpremi, COO of a web3-integrated streaming platform, shared, “In the long term, it’s going to be beneficial for crypto, but it heavily depends on the global economy recovering.” He added, “Once the tariffs start affecting countries, there could be significant pain, and we might face tough times.”
Nevertheless, the industry has seen a robust start to the year as investments surge.
Global venture capital funding in crypto companies reached $5.4 billion in the first quarter of 2025, marking the best quarter since mid-2022, according to PitchBook data.
Herbert R. Sim, an attendee in a bitcoin-themed jacket, remarked that forecasting the impact of Trump’s policies on the crypto sector is challenging, stating, “But so far, progress is being made on the regulatory front.”
“Conditions are improving in America,” he noted, as developers, investors, and crypto enthusiasts navigated past bustling marketing booths and lined up for the outdoor zip lines.
CRYPTO HUB
The United Arab Emirates is rapidly establishing itself as a pivotal hub for crypto enterprises, with numerous companies setting up operations or looking to expand.
In March, Binance, the world’s largest crypto exchange, announced that the Abu Dhabi-backed investment group MGX had invested $2 billion in it, strengthening its relationship with the UAE.
Binance’s founder, Changpeng Zhao, who served four months in prison last year after pleading guilty to violating U.S. money laundering laws, received a warm welcome on stage from the audience.
Zhao stepped down as Binance’s CEO following a $4.3 billion settlement with U.S. regulators but continues to hold significant shares in the company.
The UAE government continues to advocate for crypto adoption.
According to Eric Trump, buyers of apartments in a new Trump Organization tower being launched this week can make payments in bitcoin, in collaboration with a luxury real estate developer.
Recently, Dubai’s Emirates NBD bank introduced crypto trading services through its digital platform, Liv, while the DMCC, one of the city’s largest free zones housing over 600 crypto firms, plans to unveil a “crypto tower” by early 2027 to accommodate even more companies.
“Doing business here is considerably easier,” said Andre Liesenfeld, an attendee from Germany, referring to Dubai.
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