Simon Peters
Bitcoin has reached a new milestone, hitting an all-time high of $112,000 against the US dollar last Thursday, before stabilising around $109,000 in recent days. The rally comes amid a weakening dollar and rising concern over U.S. debt levels, prompting global investors to continue seeking alternative stores of value, including in the UAE’s fast-growing digital asset ecosystem.
The timing of the price surge is also notable—coming on the anniversary of Bitcoin Pizza Day, commemorating the first real-world bitcoin transaction in 2010, when Laszlo Hanyecz spent 10,000 bitcoin on two pizzas. At today’s prices, that transaction would be valued at over $1.1 billion.
Commenting on the current market conditions, Simon Peters, crypto analyst at eToro, said: “Bitcoin’s momentum reflects both growing institutional confidence and a broader narrative around digital scarcity and decentralised finance. With spot bitcoin ETFs attracting over $2.75 billion in inflows just this past week—and nearly $935 million on Thursday alone—it’s clear that investor appetite remains strong. Public companies are now holding close to 800,000 bitcoin, or 4% of the total circulating supply, compared to just 300,000 at this time last year. The shift is both rapid and significant.”
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The global crypto community is now turning its attention to Bitcoin 2025, which begins today. The high-profile conference features keynote addresses from U.S. Vice President JD Vance, MicroStrategy’s Michael Saylor, Senator Cynthia Lummis, and David Sacks, the White House’s AI and Crypto Czar. With regulatory frameworks and institutional adoption in focus, the UAE’s participation and ongoing developments in the digital assets space are expected to remain in the spotlight.
Simon Peters added: “Market participants will be closely monitoring remarks from key speakers at Bitcoin 2025. Any bullish sentiment or policy clarity could act as a tailwind, possibly pushing bitcoin to fresh record highs. Investors in the UAE and the wider region are increasingly active in this space and watching global developments closely.”
As Dubai and Abu Dhabi continue to position themselves as global crypto hubs, today’s momentum reinforces the UAE’s potential role in the next phase of digital finance innovation.
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