LONDON: The lightbulb clicked in Ibrahim Barbour’s mind last winter. The more sports bet with bitcoin learned, the more certain he became that bitcoin was a worthy investment. Get the latest breaking news and headlines from the largest Arab News website.
Get world news, sport news, business news, entertainment, lifestyle, video and photos. Enter the terms you wish to search for. A man feeds money into a bitcoin ATM in New York. The digital currency has surged in recent weeks, prompting fears of a bubble in the making, but that has not deterred a number of Dubai-based entrepreneurs investing in the digital currency. You’re in complete control of what you own, there is a limited supply of it so you can’t just print your way out of it like a government, and its value had been increasing for a while. So I said why not? Barbour joined a growing number of people across the Middle East and throughout the world who believe that digital currencies like bitcoin are as good — or better — than cash backed by a central bank.
16,000 at the end of last week. The spike in bitcoin prices has set the world of currency investing abuzz, and the Middle East is no exception. While funds across the region seem to be hedging their bets for the moment, a growing number of individuals like Barbour have joined the bitcoin rush, with many trying to hop on the fast-moving train. Like Barbour, Alsehli had grown disillusioned by the way traditional currencies were valued.