Binance CEO Changpeng Zhao (CZ) brought up an article in an X-post claiming that the United Arab Emirates (UAE) holds $40 billion worth of Bitcoin.
This claim has attracted the attention of people like lawyer Irina Heaver, who questioned the credibility of the article, claiming that the content does not actually provide any evidence.
Responding to these doubts, Zhao acknowledged that there was uncertainty about the exact amount in question, saying, "I was also curious about how they came up with this number; it's quite difficult to gather this kind of information."
However, Zhao noted that the claimed amount was above his expectations, but was reasonable considering the number of wealthy individuals in the area.
Development of the UAE’s crypto ecosystem
The discussion continued with Zhao assessing the growth of the cryptocurrency ecosystem in Dubai since 2021. At the time, Dubai was home to only “a handful of crypto companies,” but today it has become a hub hosting thousands of blockchain startups and digital asset companies, Zhao said.
“I did quite a bit of outreach here, but I didn’t know the number was this big or how much of it could be attributed to my contributions,” Zhao said.
According to Arkham data, the United States currently has approximately $20 billion worth of cryptocurrency.
Stay tuned.
