CEO of Dubai Blockchain Center: Crypto 'is no longer alternative for us'

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Dr. Marwan Alzarouni , CEO of Dubai Blockchain Center (in the middle) | Globe Banner

Dr. Marwan Alzarouni, CEO of the Dubai Blockchain Center, said that while cryptocurrency may be viewed as an "alternative economy" on a global scale, in Dubai it is being adopted as "mainstream." He made these remarks during his participation in the Regional Blueprint for a Global Crypto Economy Panel Talk at Binance Blockchain Week.

"This alternative economy is considered an alternative economy elsewhere in the world," said Alzarouni. "But for us, we look at it as... the way we can make it mainstream for everybody. It is no longer alternative for us. It is a sure thing."

According to a report by Crypto.com, the number of global cryptocurrency owners increased by 34% in 2023, rising from 432 million in January to 580 million in December. The report highlights that Bitcoin ownership grew by 33%, increasing from 222 million to 296 million, while Ethereum ownership saw a 39% rise, reaching 124 million.

A separate report by Grand View Research notes that the global cryptocurrency market size was valued at USD 4.67 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030.

Reuters reports that the global cryptocurrency market capitalization reached $2.2 trillion as of October 1, 2024, up significantly from $8.3 billion at the start of 2023.

Alzarouni leads initiatives in crypto education for students, entrepreneurs, and government agencies as CEO of Dubai Blockchain Center. He also founded the region's first crypto over-the-counter desk, OTC Supply DMCC, and serves as director of information services at Dubai Electronic Security Center.

Binance Blockchain Week is described on its website as a conference bringing together innovators, founders, investors, regulators, and officials to discuss blockchain and Web3's future. This year's theme is "Momentum," which according to the website states: "Momentum propels our industry, not only taking us through challenges but also leading us to our biggest achievements."

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