Emirates NBD, the second-largest bank in the United Arab Emirates, has publicly signaled its openness to treating Bitcoin as "digital gold" and is actively considering adding the cryptocurrency to its investment portfolio. The bank's position was outlined in its 2026 global investment outlook and reinforced by public statements from its Chief Investment Officer.
According to Group CIO Maurice Gravier, who appeared on CNBC's Squawk Box, the bank is exploring the possibility of allocating a potential 1% stake in Bitcoin within its portfolio. He described Bitcoin as a store of value, emphasizing that its role has evolved from an alternative currency to a more prominent defensive asset. "We view Bitcoin as 'digital gold' and are exploring and evaluating ways to add BTC to the bank's portfolio," Gravier stated.
The bank's analysis highlights Bitcoin's structural characteristics, including its capped supply, low inflation profile, and proof-of-work mechanism, as key factors supporting its store-of-value thesis. This framing positions Bitcoin alongside traditional defensive assets rather than solely as a speculative technology proxy.
Emirates NBD's internal valuation models reportedly project Bitcoin's fair value could approach $100,000 within the next 12 months, a level deemed more attractive than prices seen six months prior. However, officials cautioned that these models remain under refinement and are not fixed forecasts, acknowledging the difficulty in accurate valuation due to market volatility.
While no formal allocation has been finalized, the bank's assessment balances Bitcoin's potential diversification benefits against its historical volatility and correlation to broader risk assets. Any inclusion would likely be measured rather than concentrated, reflecting a strategic rather than speculative approach.
The announcement from such a significant Middle Eastern financial institution suggests a growing trend of viewing Bitcoin as a strategic asset within the region's financial sector, potentially influencing other institutional players.
