Crypto Titans Gather in Dubai as Trump-Driven Hype Shows Signs of Fading

TOKEN2049 draws 15,000 attendees amid shifting sentiment around US crypto regulation and Trump’s role

Dubai, May 1 — The global crypto industry turned its attention to Dubai this week as leaders, investors, and developers descended on the desert city for TOKEN2049, a flagship conference expected to draw over 15,000 participants. Despite lingering optimism, the once-euphoric sentiment following Donald Trump’s pro-crypto pivot

is beginning to wane, as regulatory realities and macroeconomic headwinds temper market enthusiasm.

The two-day event, headlined by executives from BlackRock, Goldman Sachs, and major crypto firms, also features Eric Trump, who is scheduled to speak Thursday. While the elder Trump’s crypto-friendly promises—such as regulatory relief and the launch of his own token—initially spurred a rally in digital assets, Bitcoin has since dropped around 12%

from its post-election highs amid global trade tensions and slower-than-expected progress on U.S. regulation.

“In the long term, it’s going to be good for crypto, but it really relies on the world economy picking up again,” said Miklos Veszpremi, COO of a Web3 streaming startup, highlighting the sector’s vulnerability to macroeconomic shifts.

Venture Funding Rebounds Despite Market Volatility

Despite recent price dips, crypto venture capital rebounded strongly in Q1 2025, hitting $5.4 billion (₹45,718 crore)—its highest since mid-2022, according to PitchBook data. This resurgence has helped maintain momentum in the ecosystem, with builders and investors continuing to bet on the sector’s long-term growth.

Attendee Herbert R. Sim, draped in a Bitcoin-themed jacket, noted a measured optimism:

“Progress is happening, particularly on the regulatory front. Things are easing up in America.”

While participants navigated tech booths and even outdoor zip lines, a pair of camels resting nearby offered a stark contrast to the event’s buzzing energy.

UAE Solidifies Position as Global Crypto Hub

The United Arab Emirates (UAE) has aggressively positioned itself as a crypto-friendly jurisdiction

, attracting companies with clear regulations and business incentives. Major developments include:

• Binance received a $2 billion investment from Abu Dhabi-based MGX in March, further anchoring its regional presence.

• The Dubai Multi Commodities Centre (DMCC) plans to open a “Crypto Tower” in 2027, expanding on its ecosystem of 600+ crypto firms.

• Emirates NBD, one of Dubai’s largest banks, recently launched crypto trading services via its digital arm, Liv.

“It’s much easier to do business here,” said Andre Liesenfeld, a German entrepreneur attending the event.

Adding to the crypto momentum, Eric Trump revealed that buyers of units in a new Trump-branded real estate tower in Dubai will be able to pay in Bitcoin—an announcement met with enthusiasm by attendees.

Changpeng Zhao Returns to Applause

Former Binance CEO Changpeng Zhao (CZ) received a warm reception at the event. Zhao, who stepped down and served a four-month sentence following a $4.3 billion settlement with U.S. regulators, remains a key figure in the industry and a major Binance shareholder

.

His appearance underscores the UAE’s openness to figures the U.S. regulatory system has scrutinized, reinforcing Dubai’s appeal as a regulatory refuge for crypto entrepreneurs.