Dubai, United Arab Emirates (CNN) – After years of uncertainty, Bitcoin has recently gained mainstream credibility as its value has skyrocketed this year.
Tesla announced last month that it would soon accept Bitcoin as payment for its vehicles, and revealed that it had purchased $ 1.5 billion of cryptocurrency as part of its cash holdings.
Meanwhile, Uber and MasterCard also said they plan to start accepting Bitcoin as a method of payment, while rapper Jay-Z and Twitter CEO announced they had set up a Bitcoin development fund.
Speculation indicates that as more financial institutions invest in Bitcoin, more companies will embrace the cryptocurrency.
Some investors believe that the currency can be a good hedge against inflation and a weak dollar, after the Federal Reserve lowered interest rates in March 2020, which led to a severe weakening of the US dollar and raising the price of Bitcoin.
The value of Bitcoin this year reached its highest level ever, reaching more than $ 60,000 this week, with the value of Bitcoin in circulation around the world today to more than a trillion dollars.
However, what about Bitcoin in the Arab world? How much is its value against local currencies in Arab countries?
Learn in the above infographic about the value of Bitcoin against Arab currencies, according to the price traded on March 17, at 3:23 PM ET, when the value of Bitcoin was about $ 56,000.