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Saudi Arabia to Become Leader in Crypto Industry in Next 10 Years, Bitcoin Growth Is Irreversible

UTC by Andy Watson · 7 min read
Saudi Arabia to Become Leader in Crypto Industry in Next 10 Years, Bitcoin Growth Is Irreversible
Photo: TRES

Saudi Arabia is suitable for projects that are looking for a place where they can develop and implement their ideas and for ordinary representatives of the crypto community who want to conduct their activities openly and transparently.

Today, you can watch the history of cryptocurrencies formation as an international means of payment and at the same time a profitable investment tool. Since the appearance of Bitcoin, a long way has been passed, the flagship cryptocurrency has grown in price multiplying every year, and despite the fact that growth has slowed down, and the periods of reaching new peaks have increased, it continues promptly and now we already see Bitcoin at $50,000. The idea that there will be only two forms of wealth in the foreseeable future – Land and cryptocurrency – does not seem absurd. At the same time, as the foreseeable future, a time period of fewer than 10 years can be safely shown.

At the moment, in the list of leading countries in the development of the cryptocurrency industry, one of the main places is assigned to Switzerland, where, according to the CEO of the Swiss consulting company TRES, Anton Katin: “… Zug has the largest number of global, large and small startups per square meter.” Switzerland has already formed legislation on digital currencies, the country supports cryptocurrency projects and implements the most advanced technologies for the development of the industry.

Despite everything, there are countries where they are not in a hurry or do not want to keep up with the time, for example, Russia. The legislation is not formed, there is no basis for creating a productive environment for startups. Many talented teams full of energy and enthusiasm, whose goal is to create projects of global importance based on blockchain technology are looking for places in more loyal countries to cryptocurrencies.

Now we can see a strong desire on the part of the Arab countries to quickly adopt all the necessary laws that will attract international startups, talented programmers and developers to the country.

Among the countries that are close to competing with Switzerland, Saudi Arabia can be singled in.

Why Saudi Arabia? TRES team Opinion

For reference, the Swiss consulting company TRES is known for its high results in optimizing and improving financial planning, forming and allocating the budget, providing accurate forecasts of market movements and not more. The company’s specialists highlight the great prospects for the development of the cryptocurrency industry in Saudi Arabia, including that due to the global change of orientation, especially in terms of technology.

TRES CEO Anton Katin draws analogies, mentioning the widespread transition to electric cars, solar energy and the desire of many countries to move away from usual patterns of consumption, import, and export of non-renewable resources. In Switzerland, negotiations have already begun to vote for banning the operation of gasoline cars in the country after 2025.

This, of course, directly casts doubt on the relevance of oil in the near future, the production and sale of which makes such countries as Saudi Arabia and the United Arab Emirates the richest, where Dubai, by the way, is also very positive about the prospects for the development of creating the most favorable conditions for cryptocurrencies.

Few Figures from Saudi Arabia:

  • The country has 25% of the world’s oil reserves
  • The country is one of the top twenty economies in the world
  • Crude oil production is 9103 BBL/D/1K
  • International foreign exchange reserves are $453 billion.
  • Gold reserves are 323 tons
  • GDP is $793 billion.

TRES advises its clients from these countries and understands the trend that is likely to lead to huge investments of fiat funds in more reliable assets, such as tourism, smart cities of the future, digital currencies.

TRES experts: “Saudi Arabia sees everything, understands everything and knows everything, so now it is investing a huge amount of money, more than 2.7 trillion dollars in the construction of several new smart cities, the first of which is “Neom”. They also want to develop tourism and “build 10 Dubai-s”.

Of course, the mass awareness of the prospects of Bitcoin in Saudi Arabia will immediately lead to huge investments and the purchase of a large amount of currency at any price, which of course will affect the growth of the market. The country will invest in high-tech startups and in human capital, attracting the best industry specialists, which will lead to even greater popularization of cryptocurrencies.

CEO of TRES Anton Katin said:

“All top managers, directors from Dubai with a salary of $ 30-50 and even $100 thousand a month leave and move to Saudi Arabia because of better conditions. They are starting a new way of life there, striving for technology and wealth, and since Saudi Arabia attracts all the specialists for smart cities, I am sure that it will attract all the startups, generating all the best technological ideas in its territory in the next 10 years.”

Will Bitcoin Become an Alternative to Oil?

As can be understood from the above, a country with a huge amount of resources in its reserves will gradually have to move away from oil production and export, which will lead to the need to choose new tools for generating income. Since the future is in technology, the country will have to pay attention to the” digital gold ” of Bitcoin.

Bitcoin itself is valuable due to the limited supply, which makes it grow in price, as demand only increases, due to the blockchain technology that was given to the world and launched a wave of discoveries in the field of IT, as well as thanks to anonymous and instant cross-border transactions.

Modern technologies allow you to organize cold Bitcoin storage, in which the digital asset can be stored on secure hardware media like precious metals, gold or bank notes. Therefore, you can count on the formation of the country’s reserves from digital assets.

Many large modern corporations are already adding Bitcoin to their portfolios or working closely with blockchain technology, so any country with a developed technology infrastructure in the future will have to diversify its budget by investing to Bitcoin. This will be an additional incentive for the growth of technological projects operating on their territory.

TRES Consulting

Saudi Arabia is suitable in all respects both for projects that are looking for a place where they can develop and implement their ideas, and for ordinary representatives of the cryptocurrency community who want to be closer to the world of cryptocurrencies and conduct their activities openly and transparently, with no fear of new laws harmful to the industry.

TRES experts recommend taking note of Saudi Arabia if there are plans to move there, while at the same time offering advice on issues of interest, including:

  •  Recommendations for traders (selection of optimal trading strategies, money and risk management, and more);
  • Cryptocurrency market analytics, market forecasts with the disclosure of the principles of market movement;
  • Assistance in forming positive thinking and working out the psychological aspects associated with asset management;
  • Investment protection;
  • Technological aspects (standards and architecture for creating applications, integration with blockchain and more).

Also, Anton Katin, CEO of TRES, who has extensive experience in trading, asset management, analytics, as well as all the necessary knowledge on the nuances of any area of the cryptocurrency industry, is always ready to advise on any questions.

If you have original ideas, potential, energy and desire to build and develop a technological project in Dubai or Saudi Arabia, but do not have enough resources and necessary business contacts, or if you do not know where to start, then send your suggestions to the mail [email protected] TRES Group consulting company GmbH will consider all offers and will be happy to help you.

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Andy Watson
Author Andy Watson

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