The cryptocurrency industry gathered at the TOKEN2049 conference held in Dubai on May 1. Despite waning enthusiasm around Trump's stance on cryptocurrencies, the sector remained optimistic. This two-day event attracted CEOs of major global crypto companies, heads of digital assets from Blackstone and Goldman Sachs, as well as special guests like Eric Trump, son of the U.S. president. Trump, once a skeptic of cryptocurrencies, has now pledged to support the industry by easing regulations and has launched his own cryptocurrency. Although Bitcoin’s price has dropped about 12% from its peak, global venture capital investment still reached $5.40 billion in Q1 2025, marking the best quarter since mid-2022. The UAE is rapidly becoming a key hub for crypto enterprises, with Binance deepening cooperation with Abu Dhabi Investment Group MGX, and Dubai launching luxury apartment projects payable in Bitcoin, driving crypto adoption. Industry insiders remain cautiously optimistic about the impact of Trump’s policies, viewing them as positive in the long term but dependent on the global economic recovery.

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DUBAI, May 1 (Reuters) - Crypto enthusiasts descended on Dubai on Wednesday, gathering under the Gulf's scorching sun and hoping the industry's buoyant mood can keep going despite signs the euphoria around Donald Trump's crypto stance is ebbing. Speakers at the two-day event in the desert city include chief executives at some of the world's major crypto firms, the head of digital assets at BlackRock  (BLK.N) , opens new tab  and Goldman Sachs  (GS.N) , opens new tab , as well as the U.S. president's son, Eric Trump, who is set to take the stage on Thursday. Once a crypto sceptic, the U.S. president has vowed to support the industry by easing regulatory curbs and has even launched his own cryptocurrency, in a turnaround for the industry after a series of crypto company collapses in 2022. Cryptocurrency prices surged to a record high after his election win, but have  fallen  this year. Bitcoin is down about 12% from its peak as the global trade war and industry concerns that the pace of pro-crypto regulation under Trump is slower than expected, knocked sentiment. Attendees at the TOKEN2049 conference, which is expected to attract around 15,000 people, thronged the venue, while a pair of camels rested unbothered by the loud tunes playing in the background. They shared mixed feelings about Trump's impact on the industry. "In the long term, it's going to be good for crypto, but it really relies on the world economy picking up again," said Miklos Veszpremi, the chief operating officer of a web3-integrated streaming platform. "I think that once the tariffs actually start hitting countries, there's going to be a lot of pain, and we might be headed towards some difficult times," he said. Still, the industry enjoyed a strong start to the year as money poured in. Global venture capital investments in crypto companies totalled $5.4 billion in the first quarter of 2025, its best quarter since mid-2022, according to data from PitchBook. Attendee Herbert R. Sim, wrapped in a bitcoin-themed jacket, said that predicting the impact of Trump policies on the crypto sector was very hard "but so far ... (progress) is on the regulation side of things." "Things are easing up in America," he said, as developers, investors and crypto fans weaved past packed industry marketing booths and joined queues to glide on outside zip lines. The United Arab Emirates is quickly emerging as a key hub for crypto companies, with several setting up shop or seeking to expand. Binance, the world's largest crypto exchange, announced in March that Abu Dhabi-backed investment group MGX had  made  a $2 billion crypto investment in it, deepening its ties with the UAE. The exchange's founder, Changpeng Zhao, who last year served four months in prison after  pleading guilty  to violating U.S. laws against money laundering, was welcomed to the main stage with cheers from the audience. Zhao stepped down as CEO of Binance as part of a $4.3 billion settlement with U.S. authorities but remains a major shareholder. UAE authorities continue to promote crypto adoption. Buyers for apartments in a new planned  tower  in Dubai the Trump Organization launched this week alongside a luxury real estate developer will be able to pay with bitcoin, Eric Trump said. Dubai's Emirates NBD bank recently launched crypto trading services on its digital arm Liv and one of the city's largest free zones, the DMCC, which hosts more than 600 crypto firms, plans to open a "crypto tower" in early 2027 to host more. "It's much easier to do business here," said Germany-based attendee Andre Liesenfeld, referring to Dubai.

Cryptocurrency Industry Focuses on Dubai, Cautious Optimism in the Sector Due to Trump's Policy Impact