- Bitcoin surges to $77,003 USD amid 2.5% gain despite Fear & Greed at 26.
- Gulf funds like PIF demand audits after NYT crypto book hype warnings.
- VARA mandates proof-of-reserves, tightening rules in Dubai hubs.
By Fatima Hassan
The NYT crypto book "Everyone Is Lying to You for Money" warns Gulf funds of rampant crypto deceptions as Bitcoin surges to $77,003 USD on October 15, 2024 (CoinMarketCap).
The Fear & Greed Index hit 26, signaling extreme fear (Alternative.me). Ethereum rose 2.9% to $2,403.45 USD. XRP gained 2.3% to $1.47 USD. BNB climbed 2.4% to $643.45 USD. USDT stayed at $1.00 USD.
Gulf hubs like Dubai's VARA, Abu Dhabi's ADGM, and DIFC manage these risks during digital asset growth.
- Asset: BTC · Price (USD): 77,003 · 24h Change: +2.5%
- Asset: ETH · Price (USD): 2,403.45 · 24h Change: +2.9%
- Asset: XRP · Price (USD): 1.47 · 24h Change: +2.3%
- Asset: BNB · Price (USD): 643.45 · 24h Change: +2.4%
- Asset: USDT · Price (USD): 1.00 · 24h Change: 0.0%
CoinMarketCap data shows market resilience despite fear.
NYT Crypto Book Details Hype and Fraud Risks
The NYT crypto book uncovers how promoters inflate token values with false liquidity claims and unaudited metrics. It cites projects that faked trading volumes, eroding global trust.
Saudi Arabia's Public Investment Fund (PIF) mandates audited on-chain data for blockchain allocations, per its Vision 2030 filings with SAMA. PIF allocated SAR 10 billion (USD 2.67 billion) to technology in 2023 (PIF annual report). Blockchain supports Vision 2030's digital economy goal of 50% non-oil GDP by 2030.
Sovereign Wealth Funds Demand Proof Amid Surge
UAE's Mubadala Investment Company backs blockchain startups like Sarwa and Rain (Mubadala disclosures). CEO Khaldoon Al Mubarak stressed due diligence in a Bloomberg interview on October 10, 2024.
"We verify fundamentals before exposure," Al Mubarak told Bloomberg. Mubadala's fintech arm invested USD 100 million in digital assets via ADGM-licensed vehicles.
Qatar Investment Authority (QIA) requires third-party audits for crypto (2023 guidelines). QIA manages USD 500 billion, focusing on emerging tech.
Abu Dhabi Investment Authority (ADIA) tokenizes real estate on ADGM platforms. ADIA oversees USD 993 billion (2023 review), with 5-7% in alternatives including blockchain.
VARA and ADGM Strengthen Oversight Post-Exposés
Dubai's Virtual Assets Regulatory Authority (VARA) demands proof-of-reserves for platforms. VARA fined two exchanges USD 500,000 each in September 2024 (enforcement logs).
The NYT crypto book spotlights faked liquidity, echoing VARA's actions. DIFC firms use Ethereum smart contracts for remittances, handling USD 1.2 billion yearly (DFSA reports).
Saudi Arabia's CMA vets tokens via SABER with KYC and AML. SABER approved 15 projects in Q3 2024 (CMA release).
ADGM FSRA sandbox runs five DeFi pilots (October 2024). Bahrain Central Bank tests CBDC on Ethereum for 2025 cross-border payments.
Fear & Greed Index at 26 Drives Gulf Strategies
Fear & Greed at 26 spurs family offices to buy Bitcoin ETF dips on Nasdaq Dubai. Dubai hosts 1,000+ blockchain firms (Dubai Chamber Q2 2024).
Riyadh's NEOM uses blockchain for supply chains, cutting costs 20% (NEOM whitepaper). DIFC crypto office occupancy reaches 95% (JLL September 2024).
Saudi accelerators like Misk Innovation examine tokenomics closely. VARA sees 200 licensing applicants quarterly.
Gulf Hubs Balance Innovation and Caution
ADGM registers 50+ virtual asset firms under FSRA. Dubai Internet City expansion drew USD 2 billion in 2024 funding (Magnitt).
PIF partners Coinbase Institutional for custody. Ethereum's Dencun upgrade boosts Layer 2 for Gulf remittances.
Forward Outlook for Digital Assets
VARA schedules November 2024 licensing. PIF's Q4 report reveals crypto exposure.
Bitcoin at $77,003 USD signals accumulation in fear. The NYT crypto book bolsters Gulf regulators' vigilance for sustainable growth in DIFC, ADGM, and VARA.
Frequently Asked Questions
What does the NYT crypto book reveal about cryptocurrency deceptions?
'Everyone Is Lying to You for Money' exposes hype inflating token values. Gulf regulators like VARA apply these lessons to licensing in Dubai.
How does Fear & Greed Index 26 impact Gulf digital asset investments?
Level 26 signals fear, leading PIF and family offices to buy Bitcoin dips at $77,003 USD for Vision 2030 diversification.
Why is the NYT crypto book relevant to UAE's VARA market?
VARA mandates proof-of-reserves against faked liquidity detailed in the book. DIFC integrates compliant Ethereum solutions.
What role do sovereign wealth funds play in Gulf cryptocurrency?
PIF, Mubadala, and QIA demand audits and partner custodians like Coinbase for secure exposure amid $77,003 USD Bitcoin.
