The United Arab Emirates (UAE) is emerging as one of the leading countries in integrating cryptocurrency and blockchain into its economic system
On December 22, Changpeng Zhao, the former CEO of Binance, shared on X a news article suggesting that the UAE has accumulated around $40 billion in Bitcoin. He speculated that the country might be holding 411,978 BTC.
If true, this would place the UAE among the top three largest Bitcoin holders globally and make it the leading government entity in terms of Bitcoin holdings.
This information quickly attracted attention but also raised skepticism within the community. Bitcoin Archive, a reputable source of information, emphasized that the claim of the UAE purchasing $40 billion in Bitcoin remains a rumor. According to them, there is no public data confirming this, and the current information is merely speculation from unofficial sources.
The unconfirmed report about organizations holding BTC worldwide. @thepfund.
The accumulation of Bitcoin by countries, especially wealthy ones in the Middle East, is not a new development. Previously, there were rumors that Saudi Arabia and Qatar were increasing their Bitcoin reserves when the value of the currency surpassed the $90,000 mark. However, these reports have not been verified.
CZ later acknowledged the uncertainty about the accuracy of the figure in the comments, stating that it is difficult to determine the exact number because gathering related information is challenging.
CZ also expressed doubts about the authenticity of the Bitcoin figure. Source: X CZ.
However, he acknowledged that the figure could still be plausible, given the number of high-net-worth individuals in the Middle East. Changpeng Zhao also reflected on his role in helping to build the cryptocurrency ecosystem in the UAE, from the early days in 2021 when Dubai only had a few crypto companies, to now, where it has become a hub for thousands of blockchain businesses.
Market observers suggest that recurring stories like this demonstrate an increasing interest from countries in adopting a Bitcoin accumulation strategy, signaling that they are seriously considering or actively pursuing this direction.
The amount of BTC held by El Salvador. Source: National Bitcoin Office.
El Salvador is a prime example of the trend of holding BTC as a national asset, with the country purchasing an additional 11 BTC, bringing their total holdings to 5,993.77 BTC, valued at approximately $575 million.
This move comes despite previous agreements with the International Monetary Fund (IMF) to halt the policy of accumulating BTC. Furthermore, President El Salvador’s senior advisor, Max Keiser, revealed plans to add another 20,000 BTC to the national reserves, showing the country’s determination to use Bitcoin as a strategic asset.
BTC/USDT price on Binance, 1-week chart. Source: Tradingview.
In the past week, from December 16 to December 23, BTC has experienced a significant and continuous decline, dropping from a high of $108,000 to $94,000 at the time of writing, which represents a 12.15% decrease. The question remains whether the continuous stream of positive news will help BTC maintain an upward trend.
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