Crypto industry takes Dubai for TOKEN2049 as Trump hype starts to cool off back home

The crypto crowd landed in Dubai on Wednesday, swarming into the desert heat while doubts piled up back home about whether President Donald Trump is actually delivering on all the stuff he promised.

They weren’t just there for vibes. About 15,000 people packed into the TOKEN2049 conference as the heat choked the city, trying to figure out if the global mood could stay bullish even as interest in Trump’s crypto stance started dipping.

The conference lined up executives from major crypto companies, plus top names from BlackRock and Goldman Sachs. Even Eric Trump is on the agenda. He’s expected to talk on Thursday.

Trump, now sitting in the White House, once hated crypto. That didn’t stop him from turning around and launching his own coin while saying he’d make it easier to operate in the US crypto space. But the price charts aren’t impressive.

Bitcoin hit a record after he won, but this year, it’s already down about 12%, dragged by trade war fears and slow follow-through from his team on cutting red tape.

At the venue, attendees didn’t hide their mixed feelings. Miklos Veszpremi, chief operating officer of a Web3-based streaming platform, said the long-term potential still exists but warned that a downturn could come if tariffs start biting.

“In the long term, it’s going to be good for crypto, but it really relies on the world economy picking up again,” Miklos said. “I think that once the tariffs actually start hitting countries, there’s going to be a lot of pain, and we might be headed towards some difficult times.”

Investors push forward while US mood slides

The conference is happening during a strange time. Optimism hasn’t vanished, but it’s definitely cracked. Even so, crypto investments haven’t slowed. $5.4 billion in venture capital was poured into crypto companies in the first three months of 2025. That’s the biggest quarterly inflow since mid-2022. And that’s not just US money.

People came from everywhere. In the middle of the noise and crowd, Herbert R. Sim walked around in a Bitcoin jacket, trying to make sense of Trump’s impact. “It’s very hard to predict the impact of Trump policies on the crypto sector,” Herbert said. “But so far … progress is on the regulation side of things.”

For now, the most obvious shift is that it’s getting easier to operate inside America, even if the pace is slower than promised. “Things are easing up in America,” he added, while zip lines outside carried people over crypto-branded tents.

The event itself had a chaotic energy. People drifted between booths and giant branded displays, while two camels stood around like it was just another Wednesday. Loud EDM tracks blasted while investors tried to talk business.

Dubai grows stronger as US leadership stalls

While confidence in Trump is fading, Dubai is becoming a serious player. The United Arab Emirates has turned itself into a real base for crypto companies. Many are either relocating or expanding into the region. In March, Binance revealed that MGX, a fund backed by Abu Dhabi, put $2 billion into the exchange.

That’s the same Binance whose founder, Changpeng Zhao, served four months in prison after pleading guilty to breaking US anti-money laundering laws. Still, he was greeted with cheers when he walked onto the stage. CZ stepped down as Binance CEO after settling with US officials in a $4.3 billion deal, but he still owns a huge chunk of the company.

UAE regulators aren’t backing off. They’re doing the opposite. Buyers who want apartments in a new tower project launched in Dubai this week—one tied to the Trump Organization and a luxury developer—can pay in Bitcoin, Eric Trump confirmed.

That’s not all. Emirates NBD, a major bank in Dubai, rolled out crypto trading on its digital platform, Liv. Meanwhile, over at the DMCC, a major free zone with more than 600 crypto firms, plans are underway to launch a full “crypto tower” by early 2027. That tower will host even more firms, pushing Dubai even deeper into the center of the crypto map.

For many in the crowd, Dubai just makes sense, thanks to its relaxed approach compared to Washington’s endless regulatory roadblocks.

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