Rumors are circulating in the cryptocurrency sector that the United Arab Emirates (UAE) is said to be holding over $40 billion in Bitcoin.
These whispers have been amplified following a vague tweet from the founder and former CEO of Binance, Changpeng Zhao.
Rumors about UAE's "treasure" of Bitcoin: Highlighting the accumulation trend of nations
On December 22, Zhao cited an unconfirmed report suggesting that the UAE had accumulated around $40 billion in this top cryptocurrency.
If true, cryptocurrency analyst Trader T stated that this means this Middle Eastern nation owns 411,978 BTC and could be among the top three countries holding Bitcoin globally, leading in the volume of Bitcoin held by national governments.
UAE's ranking if holding Bitcoin. Source: X/Trader T
This revelation has sparked many lively debates and varying degrees of skepticism within the cryptocurrency community. Although it has caused a stir, this information remains unverified and is based only on hypothetical sources.
"Those claiming that the UAE purchased $40 billion worth of Bitcoin as a FACT. From all public information, this has not been confirmed. It is merely a rumor originating from X and has now been treated as fact," Bitcoin Archive wrote.
The concept of countries, especially wealthy nations in the Middle East, holding Bitcoin is not new. Last month, there were rumors that powers in the region such as Saudi Arabia and Qatar might also be increasing their Bitcoin reserves as the value of this digital asset surpassed $90,000.
However, these rumors remain unconfirmed as of now. Nevertheless, market observers say these recurring stories highlight an increasing trend as nations seriously consider and may act on Bitcoin accumulation strategies.
Indeed, the market has witnessed specific examples of this trend, particularly in El Salvador. This country recently raised its investment in Bitcoin, purchasing an additional 11 units of this leading cryptocurrency. According to official data, this move has increased the total Bitcoin held by the country to 5,993.77 BTC, worth approximately $575 million.
Bitcoin assets of El Salvador. Source: National Bitcoin Office
This move comes despite previous agreements with the International Monetary Fund (IMF) to reverse such policies. However, the El Salvador government has made further progress in increasing their Bitcoin reserves. To clarify, Max Keiser, senior advisor to the President of El Salvador, revealed plans to continue increasing the country's Bitcoin reserves by an additional 20,000 BTC.
"El Salvador is moving towards a peaceful Bitcoin standard. The interim goal in [El Salvador] is to acquire an additional 20,000 BTC," Keiser stated.