Podcast Summary
This podcast features Oday Kamal, founder of Zawda, a Bitcoin custody company in the Middle East and North Africa. Kamal discusses his journey with Bitcoin, the economic crises in Lebanon and Egypt, and the challenges of operating a Bitcoin company in these regions. He also shares insights on the adoption of Bitcoin in the Middle East and the future of his company, Zawda.
Key Takeaways
Bitcoin as a Wealth Preservation Tool
- Lebanese Banking Crisis: The 2019 banking crisis in Lebanon was a turning point for Kamal, leading him to explore Bitcoin as a way to preserve wealth amidst bank runs and capital controls.
- Egypt’s Economic Crisis: Egypt’s liquidity crisis and currency devaluations further highlighted the potential of Bitcoin as a hedge against economic instability.
Challenges of Bitcoin Adoption in Egypt
- Regulatory Barriers: Despite the need for Bitcoin in Egypt, adoption rates remain low due to government warnings and restrictions on cryptocurrencies.
- Scams: The prevalence of scams has also deterred many from engaging with Bitcoin.
Zawda’s Journey and Future Plans
- Initial Challenges: Zawda initially targeted Egypt as its first market but faced obstacles due to government warnings.
- Current Focus: Zawda is now onboarding companies in the Middle East and North Africa for multisig and self-custody solutions, focusing on smaller companies and individuals rather than big corporations.
Bitcoin Adoption in the Middle East
- Fragmented Market: The Middle East market is fragmented due to different jurisdictions and laws in each country. However, countries like Bahrain and the UAE are showing a more proactive approach to adopting cryptocurrencies.
- Bitcoin Mining: Countries like the UAE, Oman, and Bhutan are already mining Bitcoin using renewable energy.
Future of Bitcoin and the Global Economy
- Post-1945 World Order: Kamal believes that there is a breakdown of institutions that came out of the post-World War II world order, and they are struggling to adapt to the age of decentralization, AI, and Bitcoin.
- New World Order: With Bitcoin becoming a trillion-dollar asset, the question now is how fast these changes will happen and what the new world order will look like.
Sentiment Analysis
- Bullish: Kamal’s bullish sentiment towards Bitcoin is evident in his belief in its potential as a wealth preservation tool and his efforts to promote its adoption through his company, Zawda. He also expresses optimism about the future of Bitcoin, particularly in the Middle East.
- Bearish: There is no explicit bearish sentiment expressed in the podcast. However, Kamal acknowledges the challenges of Bitcoin adoption, particularly in regions like Egypt due to regulatory barriers and scams.
- Neutral: Kamal maintains a neutral stance when discussing the global economy, acknowledging the breakdown of the post-1945 world order and the uncertainty surrounding the future world order.
