Bitcoin (BTC) Explosion from Dubai! The Country’s Largest Bank Unveils Massive Bitcoin Plan!

Dubai-based state bank Emirates NBD has announced it is considering adding Bitcoin (BTC) to its portfolio.

Despite the sharp declines in Bitcoin’s price, its adoption continues to grow. The latest news comes from Dubai.

Appearing on CNBC’s Squawk Box program, Emirates NBD Group Chief Investment Officer (CIO) Maurice Gravier described Bitcoin as a store of value and said the bank is considering allocating a potential 1% stake in the asset in its portfolio.

The executive added that BTC’s current price is far more attractive than it was six months ago, and that the bank’s internal models predict its fair value will approach $100,000 within the next 12 months.

However, Gravier also noted that accurate valuation of Bitcoin is difficult due to the constant fluctuations in the market.

Gravier also noted that Bitcoin’s role has evolved, stating that while BTC initially attracted attention as an alternative currency, its nature as a store of value is now more prominent.

Emirates NBD is one of the largest banks in the UAE. Statements from such a large and important bank indicate that the trend of viewing Bitcoin as a strategic asset is beginning to spread within the Middle East financial sector.

*This is not investment advice.

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