Emirates NBD — often cited as the UAE’s second-largest bank — is quietly weighing whether to add Bitcoin to its investment portfolio, signaling growing mainstream finance interest in crypto across the Gulf. The potential move, reported by crypto commentator MartyParty and traced back to remarks by Maurice Gravier, Group CIO at Emirates NBD on CNBC’s Squawk Box, reflects a broader shift: traditional institutions are increasingly viewing BTC as a strategic store of value and diversification tool, not just an alternative currency.
Why the bank is looking at Bitcoin
- Gravier framed Bitcoin as “digital gold,” emphasizing attributes that appeal to institutional investors: its proof-of-work security model, capped supply, and structurally low inflation rate. He suggested that Bitcoin has matured materially and that its risk/reward profile looks more attractive now than six months ago.
- According to MartyParty’s summary of the CIO’s comments, an internal model at the bank projects that BTC could reasonably approach a $100,000 valuation within the next 12 months. Those projections are still being refined and are not a firm forecast.
- Emirates NBD’s asset management arm manages roughly $16 billion in assets. Any Bitcoin allocation, if approved, would be relatively small and intended for diversification. No final decision has been made; the idea remains under review amid ongoing market volatility.
Lightning Network adoption hits a milestone
While headlines focus on price action — Bitcoin recently trading near $63,000, roughly 50% below its all-time high — network-level usage tells a different story. Crypto analyst Fernando Nikolić highlighted that the Lightning Network recorded about $1.17 billion in monthly transaction volume across 5.2 million transactions in November — its first time surpassing $1 billion.
- Average Lightning transaction size nearly doubled year-over-year, from $118 to $223, suggesting the network is being used for more than micropayments.
- Nikolić interprets the data as evidence that businesses and exchanges are moving real value over Lightning, pointing to growing commercial adoption even as price narratives skew bearish.
What this means
Emirates NBD’s consideration of Bitcoin, combined with rising on-chain and Layer-2 activity, underscores a widening institutional and commercial embrace of crypto in the Middle East and beyond. The situation highlights an important duality: price volatility and skeptical narratives can coexist with strengthening fundamentals and growing real-world usage. For market watchers, the key things to watch are whether Emirates NBD formalizes any allocation and whether Lightning’s adoption trend continues upward as more businesses route payments through it.
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