Binance founder and Ex CEO Changpeng Zhao has increased speculation around a growing chatter that the United Arab Emirates holds up to $40 billion worth of Bitcoin.
Changpeng Zhao via his official X handle shared an article while tweeting that the UAE holds about $40 billion in Bitcoin.
His X post sparked a debate on the authenticity of the information despite the UAE being known for trying to position itself as the cryptocurrency capital of the world.
“The United Arab Emirates (UAE) has allegedly made a significant move in the cryptocurrency space, reaching an impressive $40 billion in Bitcoin holdings.
The country’s embrace of blockchain technology and digital assets is driven by both government and private investments, positioning it as a key player in global crypto adoption.
The UAE has actively nurtured a favorable environment for cryptocurrency growth through initiatives like the Dubai Multi Commodities Center’s Crypto Center. These strategic measures have encouraged both local and international blockchain startups to flourish, leading to the rumored increase in the nation’s Bitcoin reserves.” The Cited article is read in parts.
The article shared by Changpeng Zhao contained mentions from top crypto voices and influencers .
IBC group, a platform founded by leading crypto voice Mario Nawfall commented on the speculated $40 billion Bitcoin holdings by the UAE.
“From the DMCC Crypto Center to sovereign wealth funds pouring in, it’s clear: the UAE isn’t just investing — they’re building a foundation for long-term blockchain dominance.
What’s driving this surge? Global inflation fears, regulatory clarity, and strategic timing during the bull season”, the group stated
Debate on the credibility of the number
Changpeng Zhao’s tweet and the article he shared sparked a debate on the authenticity of the claim that the UAE holds $40 billion in crypto.
- CZ’s post was engaged by a Top crypto lawyer Irina Heaver who pointed out that the article doesn’t look legitimate and could be AI-generated.
- Changpeng Zhao admits doubt but states that there is a lot of capital and wealth in Dubai. He claimed he witnessed firsthand the potential of the country in crypto when he did some shilling in the country back in the day.
However, he doubts the methodology that was used to arrive at the number claimed.
What to Know
Dubai in the United Arab Emirates has positioned itself as a center for global pro-crypto incubation. Thousands of crypto startups have sprung up in the city over the years ranging from Venture capital firms backing crypto to crypto firms building products.
Changpeng Zhao was released from a four-month prison time in late September. The Binance founder was charged with overseeing lax Anti-money laundering laws while a CEO at Binance and facilitating transactions for sanctioned entities.
