BTC

December 23, 2024

There are rumors circulating in the cryptocurrency sector that the United Arab Emirates (UAE) holds over $40 billion in Bitcoin.

These whispers gained momentum after a cryptic tweet from Binance founder and former CEO Changpeng Zhao.

Rumors of UAE Bitcoin Wealth Highlight Countries’ Accumulation Trends

On December 22, Zhao pointed to an unconfirmed report suggesting that the UAE has raised around $40 billion in the major cryptocurrency.

If true, crypto analyst TraderT said it would mean the Middle Eastern country holds 411,978 BTC and would likely rank among the top three global Bitcoin holders and the largest holders of national governments.

This disclosure has sparked heated debate and varying degrees of skepticism within the cryptocurrency community. Despite the hype, this information remains unconfirmed and is based solely on speculative sources.

“People are saying that the UAE bought $40 billion worth of Bitcoin as a fact. From all the information available publicly, this has not been confirmed. It is just a rumor that started on 𝕏 and now it has been taken as fact,” Bitcoin Archive wrote.

The idea that countries, particularly wealthy ones in the Middle East, are hoarding Bitcoin is not new. Last month, rumors suggested that regional powers like Saudi Arabia and Qatar might also be increasing their Bitcoin holdings as the digital asset’s value soared past $90,000.

However, these rumors remain unconfirmed at press time. However, market watchers say these recurring stories underscore a growing trend of countries seriously considering and possibly acting on Bitcoin accumulation strategies.

Indeed, the market has seen concrete examples of this trend, particularly in El Salvador. The country recently increased its investment in Bitcoin, purchasing an additional 11 units of the leading cryptocurrency. According to official data, its total holdings amount to 5,993.77 BTC, worth nearly $575 million.

The move comes despite previous agreements with the International Monetary Fund (IMF) to reverse such policies. However, authorities in El Salvador have made further progress toward increasing their BTC holdings. For context, Max Keiser, a senior advisor to the president of El Salvador, revealed plans to increase the country’s Bitcoin reserves by 20,000 BTC.

“El Salvador is moving toward a peaceful Bitcoin standard. The interim goal in [El Salvador] is to get another 20,000 BTC,” Keiser said.