SARA ALZAABI (ABU DHABI)
The Bitcoin MENA 2024 Conference, the world's largest Bitcoin event, commenced on Monday at the ADNEC Centre's Marina Hall in Abu Dhabi.
Organised by ADNEC Group and BTC Inc., the parent company of Bitcoin Magazine and Bitcoin 2024, the event brings together influential voices in the Bitcoin industry to discuss pivotal topics for the rapidly growing Bitcoin ecosystem in the Middle East.
Following the success of Bitcoin 2024 in Nashville, the two-day Bitcoin MENA 2024 offers high-level discussions, networking opportunities, and insights into how Bitcoin is transforming the region's economic landscape.
HRH Prince Filip Karađorđević of Serbia, CSO at JAN3, a technology company that helps nation-states, enterprises and individuals achieve sovereignty and prosperity through Bitcoin, delivered keynotes at Bitcoin MENA 2024 on "Why Nation States Are Turning to Bitcoin" and "How to Make Bitcoin & Influence People."
Speaking on the sidelines, he shared his thoughts with Aletihad regarding why Bitcoin is particularly well-suited to Abu Dhabi.
Prince Filip said that Abu Dhabi's adoption of Bitcoin in various forms, including value storage, mining, and exchange, is intelligent and beneficial to the economy. The country's energy-rich nature necessitates more energy, and Bitcoin converts stranded or wasted energy into money.
When discussing Bitcoin's role in utilising energy resources, he said: "Bitcoin mining is, as mainstream media has you believe, bad for the environment - the absolute contrary to that. Bitcoin mining is good for the environment. It is good for energy. Bitcoin miners are always looking for the cheapest form of energy. The cheapest form of energy is where energy is wasted or stranded or renewables."
On the topic of Bitcoin adoption in the Middle East, he said: "I think the challenge is that Bitcoin itself is a challenge of understanding. Understanding that Bitcoin is different from crypto. Bitcoin is the first and only form of digital scarcity that we will ever get. And the rest of crypto are just copycats, wannabes, and they will never recreate what Bitcoin could do. Do not get distracted by other cryptos, just focus on Bitcoin."
He further highlighted that Bitcoin cannot be regulated, as it is a commodity and money in itself. Instead, it should be treated as a medium of exchange and store of value, without taxation. Regulations for other cryptocurrencies are needed due to human errors and the potential for scams.
"I look forward to educating more people about Bitcoin and its potential to address global challenges and help us advance civilisation. Bitcoin MENA provides an excellent platform for like-minded individuals to connect, exchange ideas, and explore ways to further develop the space," he said.
Prince Filip predicted a significant adoption of Bitcoin for energy and store of value in the Middle East, particularly in Abu Dhabi, as the region focuses on long-term growth and aligns with Bitcoin's synergies.