The Middle East’s crypto ambitions are gaining fresh momentum after a top UAE banking executive publicly endorsed Bitcoin’s evolving role in global finance. In a significant development, a senior official from one of the country’s largest banks has described Bitcoin as “digital gold,” reinforcing the asset’s growing credibility among institutional investors.
Emirates NBD CIO Says Bitcoin Is Digital Gold
Emirates NBD, a Dubai government-owned bank and one of the largest financial institutions in the region, has taken a notable stance on digital assets. According to a CNBC report, Maurice Gravier, the bank’s Group Chief Investment Officer, stated that the institution recognizes Bitcoin as “digital gold.”
Gravier explained that Bitcoin has undergone a major transformation over the years, evolving from what was once considered merely an alternative or speculative asset into one increasingly viewed as a store of value comparable to gold. This shift in perception reflects broader institutional acceptance of Bitcoin’s scarcity-driven model and long-term potential.
However, he acknowledged that determining Bitcoin’s fair valuation remains a challenge due to persistent price volatility. Despite this, Gravier revealed that the bank is considering adding Bitcoin to its portfolio, signaling potential institutional exposure and a deeper integration of digital assets into traditional banking frameworks. He proposed a 0.5% Bitcoin allocation as a cautious entry point, given the asset’s volatility and risk-sensitive behavior.
UAE’s Growing Embrace of Digital Assets
The remarks align with the UAE’s broader ambition to position itself as a global hub for crypto and blockchain. Over the past few years, cities like Dubai and Abu Dhabi have introduced progressive regulatory frameworks to attract crypto firms, exchanges, and Web3 innovators.
By focusing on regulatory clarity, the UAE has successfully drawn major global players seeking a stable yet innovation-friendly environment. Financial institutions in the region have increasingly explored blockchain applications, tokenization, and digital asset services as part of their long-term strategies.
Gravier’s comments further reinforce the idea that traditional banking institutions in the Gulf are not merely observing the crypto sector from a distance but are actively evaluating participation.
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Institutional Validation Meets Hybrid Asset Debate
Institutional endorsements have historically played a crucial role in shaping Bitcoin’s broader acceptance. The “digital gold” narrative has long been championed by crypto advocates, but acknowledgment from a leading regional bank executive adds notable credibility.
However, it is worth noting that Grayscale Investments recently argued that BTC is currently behaving more like a hybrid asset. According to the asset manager, Bitcoin has at times moved in tandem with technology equities, reflecting its risk-asset characteristics. At the same time, it continues to display store-of-value properties similar to gold, largely due to its capped supply of 21 million coins and decentralized structure that operates independently of government control.
This dual behavior highlights Bitcoin’s evolving identity within global markets. While some investors increasingly treat it as digital gold, others still see it as a high-growth, tech-correlated asset. As institutional players like Emirates NBD explore portfolio exposure, the coming months could further clarify whether Bitcoin ultimately settles into the role of a modern safe haven or continues to straddle two financial worlds.
Bitcoin Price Analysis: Grayscale Says BTC Trading Like Tech Asset Rather Than Digital Gold
Evans Kelvin
Temitope Olajide
