48 hours in Dubai with the global gurus of digital assets and traditional finance

Two days out of the year, Dubai’s Coca-Cola Arena, an imposing stadium located next to a small sand-colored mosque and surrounded by skyscrapers that look like something out of a sci-fi movie, becomes the place where some people’s dreams come true. This space hosts Binance Blockchain Week, an annual event organized by Binance, the world’s largest crypto exchange, which this year attracted more than 5,200 people, including entrepreneurs, crypto fans, and representatives of traditional finance.

Entering this stadium is like stepping into another dimension. Black tunnels with bright yellow lights, like the Binance logo, lead attendees to the main hall, where everything becomes a game for eight hours a day: a giant yellow slide connects the first floor to the ground floor, and right in front of it, dozens of people wait patiently in line to jump on a trampoline. All around, various companies offer experiences and gadgets of all kinds: T-shirts, socks, caps and key chains can be obtained with varying degrees of effort.

But those who attended last week’s event did not come just for the experience, but to see their messiahs. And one in particular: Changpeng Zhao, founder and guru of Binance, who returned to the scene just over a month after U.S. President Donald Trump pardoned him. Around 300 people were able to see him in the crowded room that housed the main stage, while hundreds more had to settle for watching CZ — as he is known in the industry — on screens.

The entrepreneur was the star of the event. CZ took to the stage at the Coca-Cola Arena wearing his classic short-sleeved T-shirt (with the slogan “exchange the world”), jeans, and yellow shoes. Opposite him was his opponent: Peter Schiff, president and owner of the investment firm Euro Pacific Capital, wearing a tie and skeptical of bitcoin. For an hour, they debated the pros and cons of bitcoin, tokenized gold, the scarcity of the precious metal, the traceability of cryptocurrency, and the usefulness of these assets. It was an intense, serious debate, but it also had a touch of humor.

— “People gamble with bitcoin. They buy it, sell it, trade it...” said Schiff.

— “When you say that bitcoin is used for gambling... 300 million people on Binance alone own bitcoin,” replied CZ.

— “Yes, I know. You’re running a pretty big casino,” said Schiff, to laughter from the audience and CZ himself.

The founder of Binance was not the only big name at an event packed with industry heavyweights. On the first day, the appointment of Yi He, co-founder of the exchange, as co-CEO of the platform alongside Richard Teng, went almost unnoticed. Everyone was euphoric because, in a few minutes, the wish of many would come true: to see Michael Saylor, founder of Strategy, a visionary in his own right and the most influential entrepreneur in the crypto world, who has opened the doors of Wall Street to bitcoin.

Many sought to confirm their convictions: that bitcoin is worth everything and that those who do not adopt it will be naïve and left behind in a race that has already begun. Wearing a black suit and orange shirt, Saylor spoke uninterruptedly for 40 minutes about the model adopted by his company and the potential of cryptocurrency. He justified his blind faith with dozens of graphs, numbers, and projections, while the audience watched him in complete silence. Some recorded his entire speech, while others stood up to applaud him. There was no time (or perhaps no desire) for questions from the audience. Surely many wanted to ask him why, if this model is as successful as he says, his company now seems to be faltering. And why he has publicly acknowledged that if the situation worsens, they would sell their bitcoin to pay investors.

Crypto experts and representatives from major international asset managers and financial institutions took to the stage one after another, signaling Binance’s influence in the industry and the increasingly strong connection between digital assets and traditional finance. Representatives from BlackRock, Franklin Templeton, and Citi discussed the rise of stablecoins and their potential to revolutionize global payment systems, as well as the growing institutional adoption of digital assets.

Most of the presentations shared a common thread: the momentum of the U.S. administration. Many agreed that the crypto revolution in the U.S. has shaken the foundations of a market that was looking to grow, but mistrust and deregulation seemed to be holding it back. The U.S. president was not present at the event, but his influence and entourage were: Zach Witkoff, co-founder and CEO of World Liberty Financial (WLF), the presidential family’s crypto platform, also took to the stage. His presence highlighted the close relationship between Donald Trump and the crypto industry. Witkoff himself recalled that Binance received an investment of around €1.8 billion from Abu Dhabi investment giant MGX in a transaction carried out with USD1, WLF’s stablecoin.

The event ended with applause, music, spectacle, and euphoria. The crypto industry is advancing strongly, backed by major financial players and by political support, but it still has to prove whether it can deliver on its promise beyond the stage and the enthusiasm of its followers, as the recent market crash has once again cast doubt on its solidity. The idea that cryptocurrencies will revolutionize the traditional financial system has become a mantra of the sector, but the feeling is that this market still needs to leave the games behind in order to consolidate itself alongside the others.

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