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.

Emirates NBD Group Chief Investment Officer (CIO) Maurice Gravier, who is appearing on CNBC’s Squawk Box program, said Bitcoin was a ‘store of value’ and the bank will consider investing 1% stake in its portfolio.

“We view Bitcoin as ‘digital gold’ and are exploring and evaluating ways to add $BTC to the bank’s portfolio.”

But $BTC’s current price is far more attractive than six months ago, and the bank’s internal models say its fair value will be around $100,000 in the next 12 months, the executive said.

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

In addition, Gravier noted that Bitcoin’s function has changed “While $BTC was initially a popular alternative currency to the money it originally received, its value as equivalant status is now more prominent.

UAE nbd is one of the largest banks in U.S. banking system, Emirates NBD (largest bank) and its was Dubai NDB for example. Those statements from such an important bank, which has long been said that “the trend of seeing Bitcoin as a strategic asset” is beginning to spread within the Middle East financial sector.

*This is not investment advice.

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