According to market rumors, the United Arab Emirates (UAE) allegedly holds over $40 billion worth of Bitcoin.
These rumors gained traction following a vague tweet from Binance founder and former CEO Changpeng Zhao.
Rumors highlight Bitcoin accumulation
On Sunday (22), Zhao cited an unconfirmed report that suggested the UAE had accumulated approximately $40 billion worth of BTC.
If true, crypto analyst Trader T stated that this would mean the Middle Eastern country owns 411,978 BTC and potentially ranks among the top three holders of the asset globally and the top national government holder.
UAE ranking if it owned Bitcoin. Source: X/Trader T
This revelation has sparked intense discussions and varying degrees of skepticism within the crypto community. Despite the buzz, this information remains unverified and is based solely on speculative sources.
People are claiming UAE’s $40 billion Bitcoin purchase as a FACT. From all the publicly available information, this has not been confirmed. It is just a rumor started on 𝕏 and has now been taken as fact, Bitcoin Archive wrote.
The idea that nations, especially wealthy countries in the Middle East, hoard Bitcoin is not new. Last month, some rumors suggested that regional powers like Saudi Arabia and Qatar could also be increasing their BTC reserves as the value of the asset surpassed the $90,000 mark.
However, these rumors remain unconfirmed as of yet. Even so, market observers said that these recurring stories highlight a growing trend of countries seriously considering and possibly acting on Bitcoin accumulation strategies.
Furthermore, the market has seen tangible examples of this trend, with El Salvador being a prime example to follow. The country recently increased its investment in Bitcoin, purchasing 11 more units of the leading digital cryptocurrency. According to official data, this brings its total reserves to 5,993.77 BTC, valued at approximately $575 million.
El Salvador's Bitcoin reserves. Source: National Bitcoin Office
This move came despite previous agreements with the International Monetary Fund (IMF) to reverse such policies. However, El Salvador authorities have made further progress in increasing their BTC reserves. For context, Max Keiser, a senior advisor to the president of El Salvador, revealed plans to further increase the country’s Bitcoin reserves by 20,000 BTC.
El Salvador is moving towards a peaceful Bitcoin pattern. The intermediate goal in [El Salvador] is to acquire another 20,000 BTC, Keiser said.
The article Are the United Arab Emirates buying Bitcoin? Understand the rumors was first seen on BeInCrypto Brazil.
