The success of Bitcoin in the Middle East is not far from happening, and it will use the region’s financial issues as its catalyst for progression, according to local Bitcoin entrepreneurs. However, will the lucrative industry of Bitcoin gambling also have an effect on the future of Bitcoin in the region?
Tarik Kaddoumi, co-founder of Umbrellab, and David El Achkar, founder of Yellow, have recently shared with CoinDesk their views regarding the future of the digital currency in the Middle East, and their insights reflected optimism and hope.
Kaddoumi, who run a Bitcoin retail payments service, believes that this virtual currency will take advantage of the pressing problems that are plaguing the financial sector.
“Bitcoin will play a vital role in the Middle East mainly due to the very low credit card penetration in the region, and the difficulty of acquiring a credit card or sometimes even a bank account,” he said.
El Achkar shares the same sentiments and stressed the need for mass awareness with regard to Bitcoin. According to him, many members of the tech community are interested in this technology; however, most are still in the process of measuring the impact, be it advantageous or not, Bitcoin will bring to the region.
Nevertheless, the two Bitcoin enthusiasts see the payments ecosystem in the Middle East as the primary venue for Bitcoin adoption. Adding Bitcoin payments to the e-commerce industry will significantly reshape its landscape, which is currently dominated by cash-on-delivery transactions.
Furthermore, they expect Bitcoin to benefit the financial technology startups despite the sector’s attitude toward the virtual currency. However, they hope that through proper education about the technology—Bitcoin wallet, payment transactions, Bitcoin exchange—the majority of the population will begin to embrace Bitcoin.
With the financial and technology communities in the Middle East still apprehensive about the digital currency, online Bitcoin gambling may very well serve as another medium that will possibly increase the rate of adoption in the region. However, it can only do so much until the very core of the technology is completely accepted.
Although the appeal of casino gambling is not as widespread as it is in the West, the Middle East serves as a potential hotspot for online Bitcoin gambling, especially in Israel, where most casinos are located.
Thus, once the Middle Eastern population accepts the Bitcoin technology, more innovations are expected to penetrate the market, among which will pave the way for Bitcoin betting to do its part in making Kaddoumi and El Achkar’s vision of Bitcoin’s success in the region more than just a figment of imagination.