Bitcoin crossed the $100,000 milestone early on Thursday morning, in a widely anticipated move. The largest cryptocurrency has rallied on the digital asset industry’s optimism that US president-elect Donald Trump would halt the strict government scrutiny that prevailed during his predecessor’s administration and instead pursue policies and appoint regulators friendly to the industry.
It reached the threshold just hours after Mr Trump nominated cryptocurrency advocate Paul Atkins to lead the Securities and Exchange Commission – a move considered a major win for digital assets. Mr Atkins has served on the board of advisers for the Digital Chambers Token Alliance, a crypto advisory group, since 2017.
So what comes next?
Bitcoin's record is expected to further legitimise cryptocurrencies, reduce volatility and accelerate their adoption by both institutional and retail investors, industry experts say.
The sharp rise in the price of the world’s largest cryptocurrency stems from many factors, including institutional adoption, global economic uncertainty and the inherent strength and security of the Bitcoin network, says Mohamed Hashad, chief market strategist at investment brokerage firm Noor Capital.
Bitcoin's appreciation is anticipated to drive the broader adoption of cryptocurrencies, making them more mainstream and increasing their legitimacy as an attractive asset class for investors, rivalling traditional, lower-risk assets, Mr Hashad says.
Michael Chu, head of investments at investment platform Sarwa, says now that Bitcoin has hit the $100,000 mark, there could be a pullback as investors take some profit.
“We encourage investors to take a long-term view on asset classes. Celebrate milestones if you have seen gains but zoom out beyond short-term price milestones as part of an investment strategy,” Mr Chu says.
According to James Pook, adviser at investment management firm Quilter Cheviot, the most bullish Bitcoin investors will now target $250,000, maybe even $1 million per coin. “However, at some point, the momentum will fade and the asset will again settle back into a range until the next market event.”
Next price target
The price of Bitcoin was $103,176.16 as of 8.13am UAE time on Thursday.
Bader Kalooti, regional growth and operations lead at global cryptocurrency exchange Binance, says crossing the $100,000 mark is not only “uncharted territory” for Bitcoin, but also marks a historic milestone for the broader industry. The next key milestone could be $120,000, though any price point beyond $100,000 will carry significant importance, he adds.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, says the sky is the limit after Bitcoin hits $100,000. The most enthusiastic forecasts suggest $150,000 to $200,000 levels, though with high volatility, she warns.
There is a clear fear of missing out. Therefore, there are more buyers than sellers, and more demand than supply at the moment, she says.
Bitcoin has climbed more than 135 per cent year to date and 45 per cent since the US election on expectations that Mr Trump will loosen the regulatory environment for cryptocurrencies. He has also pledged to set up a national Bitcoin stockpile, although the timeline for implementation and the feasibility of this Bitcoin reserve remain open to question.
A price of $100,000 pushes the market value of Bitcoin to just shy of $2 trillion and makes it a larger investment asset than all but a handful of public companies such as Nvidia, Apple and Google parent Alphabet.
Steve, a UAE-based Bitcoin investor who works with start-ups and brands in the industry, first invested in the crypto asset in 2017. He cites the confidence being demonstrated by brands like MicroStrategy and Marathon Digital Holdings by using Bitcoin as a Treasury reserve asset, and billionaire Michael Saylor diluting company stock to buy more BTC, as factors fuelling the rally. The launch of Bitcoin exchange-traded funds in the US also created a huge on-ramp for institutions and retail investors.
“About $150,000 to $200,000 is a price target that’s widely spoken about. A lot of people who understand Bitcoin don't tend to care too much about the volatility of the price in fiat terms. What's more important to me is seeing growth on the network,” he says.
“As we become more dependent on digital infrastructure, the need to settle finances instantly will grow. Within crypto, and Bitcoin specifically, the moment money leaves your wallet, it settles instantly to wherever the destination is. That's a huge attraction for a world that is going to ultimately become more digital dependent.”
Steve suggests those sitting on the sidelines to initially buy a small amount of Bitcoin and raise their awareness. “I would try to learn about what the technology is and why it's having such an impact in the world. Also seek out events in the UAE, such as the BitcoinMena 2024 conference in Abu Dhabi, where people with industry experience and knowledge can offer insights,” he recommends.
Will BTC volatility decrease?
Mr Hashad from Noor Capital says that while Bitcoin’s volatility is likely to decrease as it matures as a robust asset and its market capitalisation grows, price fluctuations will remain. The cryptocurrency market remains susceptible to external factors such as economic conditions, geopolitical events and regulatory changes.
“Surpassing the $100,000 mark could lead to increased adoption by major banks and financial institutions, greater acceptance of cryptocurrencies as a means of payment, and increased integration into financial products and services,” according to Mr Hashad. “With Bitcoin’s increasing prevalence, its price movements may begin to resemble those of traditional financial assets, exhibiting less volatility.”
Quilter Cheviot’s Mr Pook clarifies that Bitcoin’s current volatility is no different to global mega cap tech stocks such as Nvidia, Meta and Tesla. Given the asset’s speculative nature, Bitcoin will continue to experience long periods of significant drawdowns and investors should be prepared for these. Understanding the investment time horizon and tolerance for risk will be key factors, he explains.
Mainstream adoption
It is still too early to say if Bitcoin crossing $100,000 will propel crypto adoption into the mainstream, according to Sarwa’s Mr Chu. However, compared to previous periods, more and more asset managers and hedge funds are including cryptos into their investment strategies.
Mr Kalooti from Binance says Bitcoin's new level legitimises the industry, proving sceptics wrong. “If we look at the Web3 industry five years ago or even a decade ago, digital assets were a niche topic, hindered by a steep learning curve and limited transparency. Today, the narrative has shifted significantly,” he says.
“Governments worldwide are increasingly viewing crypto as an opportunity rather than a risk. This change in perception has prompted more regulatory bodies to establish clear guidelines for retail and institutional investments in the sector. As a result, adoption is continuing to grow and the industry's understanding is becoming more widespread.”
Will enforcement actions reduce under Trump?
Mr Hashad believes that with the incoming Trump administration potentially adopting a more accommodating and crypto-friendly regulatory stance, enforcement actions by the US Securities and Exchange Commission are likely to decrease, fostering a more conducive environment for the cryptocurrency industry.
Mr Trump had revealed plans to dismiss SEC Chairman Gary Gensler on day one of his new administration, following Mr Gensler's history of taking legal action against crypto companies. Mr Gensler has since resigned and will step down on January 20, 2025.
Mr Trump is also establishing a crypto-friendly administration with the likes of Howard Lutnick (secretary of commerce), Elon Musk (Department of Government Efficiency) and Robert F Kennedy (secretary of health). They are all known crypto advocates, with Coinbase chief executive Brian Armstrong also being touted for a position, according to Mr Pook.
“Mr Gensler’s resignation is a major shift, and the buzz about the US potentially adding crypto as a reserve asset is even bigger,” says Matthew Carstens, director of product experience at neo-broker amana. “All signs point to a landscape that’s becoming more crypto-friendly – especially with a newly elected president who’s not just supportive but also actively involved in the space. With a crypto-friendly administration stepping in, the stage is set for bigger funds to feel confident adding more exposure.”
Should BTC investors cash out now?
Cryptocurrency investors may find it advantageous to hold their Bitcoin assets for the long term rather than selling during the current rally, according to Mr Hashad.
“The underlying technology and limited supply could drive its value higher over time,” he says. “However, it is crucial to assess individual risk tolerance and financial goals before making investment decisions.”
Mr Pook says each individual investor will need to consider their own circumstances to answer whether now is an appropriate time to sell their holdings.
“Are you likely to need the funds across a short-term time horizon [less than five years]? If so, given the volatile nature of the asset, you may want to consider switching to something lower risk to protect your capital value,” he suggests.
“Clearly, if you have funds that have no intended use, are interested in cryptocurrencies and are willing to be patient during the inevitable market drawdowns, then a small holding in Bitcoin may be appropriate for you, but it would be high risk to put needed savings and investments in the asset class. Remember, get-rich-quick schemes very rarely succeed for the vast majority of people.”
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Results
Light Flyweight (49kg): Mirzakhmedov Nodirjon (UZB) beat Daniyal Sabit (KAZ) by points 5-0.
Flyweight (52kg): Zoirov Shakhobidin (UZB) beat Amit Panghol (IND) 3-2.
Bantamweight (56kg): Kharkhuu Enkh-Amar (MGL) beat Mirazizbek Mirzahalilov (UZB) 3-2.
Lightweight (60kg): Erdenebat Tsendbaatar (MGL) beat Daniyal Shahbakhsh (IRI) 5-0.
Light Welterweight (64kg): Baatarsukh Chinzorig (MGL) beat Shiva Thapa (IND) 3-2.
Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.
Middleweight (75kg): Jafarov Saidjamshid (UZB) beat Abilkhan Amankul (KAZ) 4-1.
Light Heavyweight (81kg): Ruzmetov Dilshodbek (UZB) beat Meysam Gheshlaghi (IRI) 3-2.
Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.
Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.
Match info
Uefa Champions League Group H
Manchester United v Young Boys, Tuesday, midnight (UAE)
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
At Eternity’s Gate
Director: Julian Schnabel
Starring: Willem Dafoe, Oscar Isaacs, Mads Mikkelsen
Three stars
the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
KILLING OF QASSEM SULEIMANI
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Manchester United v Liverpool
Premier League, kick off 7.30pm (UAE)
The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
Marital status: single
Favourite drink: drip coffee V60
Favourite destination: Bali, Indonesia
Favourite book: 100 Years of Solitude
ELECTION%20RESULTS
%3Cp%3EMacron%E2%80%99s%20Ensemble%20group%20won%20245%20seats.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20second-largest%20group%20in%20parliament%20is%20Nupes%2C%20a%20leftist%20coalition%20led%20by%20Jean-Luc%20Melenchon%2C%20which%20gets%20131%20lawmakers.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20far-right%20National%20Rally%20fared%20much%20better%20than%20expected%20with%2089%20seats.%3C%2Fp%3E%0A%3Cp%3EThe%20centre-right%20Republicans%20and%20their%20allies%20took%2061.%3C%2Fp%3E%0A
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
