Despite early 2025 gains and a $2B Binance deal, crypto leaders at TOKEN2049 voice mixed views on Trump’s policies as Dubai cements its rise as a global digital asset hub.
The world’s cryptocurrency elite descended on Dubai this week for the TOKEN2049 conference, hoping to maintain momentum in a market that has begun to cool after an early surge driven by Donald Trump’s pro-crypto rhetoric.
The two-day event, held in the heart of the UAE’s financial capital, has drawn an estimated 15,000 attendees, including executives from major crypto platforms, institutional giants like BlackRock and Goldman Sachs, and U.S. President Donald Trump’s son, Eric Trump, who is slated to speak on Thursday.
The gathering comes at a time of shifting sentiment in the digital assets space. Once a crypto skeptic, President Trump has embraced the sector in his second term, pledging to ease regulatory restrictions and even launching his own cryptocurrency, USD1, through World Liberty Financial. His stance offered an initial shot of adrenaline to the market—Bitcoin surged to a record high after his election win—but prices have since pulled back.
Bitcoin is currently down about 12% from its peak, as investors weigh the impact of an escalating global trade war and slower-than-expected regulatory reforms in the U.S. Many at the event expressed cautious optimism about Trump’s influence.
“In the long term, it’s going to be good for crypto,” said Miklos Veszpremi, COO of a web3-integrated streaming platform. “But it really relies on the world economy picking up again. With tariffs rolling in, we could be heading into some tough territory.”
Despite current volatility, the industry saw a robust start to 2025. According to PitchBook data, global venture capital investments in crypto companies hit $5.4 billion in Q1—the sector’s best showing since mid-2022.
The tone on the ground was lively and forward-looking. At the conference venue, attendees weaved past marketing booths, zipped down outdoor lines, and posed beside camels lounging near speakers blaring electronic music.
Wrapped in a Bitcoin-patterned jacket, crypto personality Herbert R. Sim summarized the uncertain but promising climate: “It’s hard to predict Trump’s exact impact on crypto, but so far, it’s been positive on the regulatory front. Things are easing up in America.”
Dubai: The New Crypto Capital
At the center of this shifting global landscape is Dubai itself. The UAE has positioned itself as a welcoming environment for crypto innovation, bolstered by regulatory clarity, tax benefits, and ambitious development plans.
Binance, the world’s largest crypto exchange, has notably deepened ties in the region. In March, it secured a $2 billion investment from Abu Dhabi-based MGX, a deal facilitated using USD1—the Trump-linked stablecoin issued on Binance’s own blockchain.
Changpeng Zhao, Binance’s founder and former CEO, who recently completed a prison sentence in the U.S. for anti-money laundering violations, was greeted with cheers when he took the stage in Dubai. Though he stepped down as CEO following a $4.3 billion U.S. settlement, Zhao remains a key shareholder and figure in the industry.
Meanwhile, local crypto developments are expanding rapidly. Eric Trump announced that buyers in a newly unveiled Trump-branded tower in Dubai will be able to purchase apartments using Bitcoin. Emirates NBD has also launched crypto trading through its digital arm Liv, and the Dubai Multi Commodities Centre (DMCC), home to over 600 crypto firms, plans to open a dedicated “crypto tower” in 2027.
“It’s much easier to do business here,” said Andre Liesenfeld, a visiting crypto entrepreneur from Germany. “The rules are clear, the infrastructure is ready, and the energy is unmatched.”
As the global crypto market recalibrates and Trump’s influence enters a more nuanced phase, all eyes are on Dubai—not just for its regulatory appeal, but as a bellwether of the sector’s evolving future.
