Crypto fans meet at Token2049 in Dubai

Crypto enthusiasts descended on Dubai on Wednesday, gathering under the Gulf’s scorching sun and hoping the industry's buoyant mood can keep going despite signs the euphoria around US President Donald Trump's crypto fascination is ebbing.

- FEDERICO MACCIONI MANYA SAINI

Speakers at the two-day event in the dessert city include chief executives at some of the world’s major crypto firms, the head of digital assets at BlackRock and Goldman Sachs, as well as the president's son, Eric Trump, who was set to take the stage later yesterday.

Once a crypto sceptic, President Trump has vowed to support the industry by easing regulatory curbs and has even launched his own cryptocurrency, in a turnaround for the industry after a series of crypto company collapses in 2022.

Cryptocurrency prices surged to a record high after his election win, but have fallen this year. Bitcoin is down about 12% from its peak as the global trade war and industry concerns that the pace of pro-crypto regulation under Trump is slower than expected, knocked sentiment.

Attendees at the Token2049 conference, which is expected to attract around 15,000 people, thronged the venue, while a pair of camels rested unbothered by the loud tunes playing in the background.