LONDON: The lightbulb clicked in Ibrahim Barbor’s mind last winter. After watching a YouTube series about global financial markets, the young Dubai professional started researching bitcoin, a phenomenon he had heard about in online forums and passing headlines.

The more he learned, the more certain he became that bitcoin was a worthy investment. “I liked what it had to offer,” said Barbor.

“You’re in complete control of what you own, there is a limited supply of it so you can’t just print your way out of it like a government, and its value had been increasing for a while. So I said why not?”Barbor joined a growing number of people across the Middle East and throughout the world who believe that digital currencies like bitcoin are as good — or better — than cash backed by a central bank.

His investment appears prudent: Since he bought his first coin in February of last year, the value of the digital currency has risen astronomically from $1,000 to more than $16,000 at the end of last week. The spike in bitcoin prices has set the world of currency investing abuzz, and the Middle East is no exception. Read more from arabnews.com…

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