Former Chinese billionaire and Binance founder Zhao Changpeng (CZ) shared a news piece on Sunday (December 22) stating 'the UAE holds $40 billion in Bitcoin reserves,' sparking skepticism in the crypto community regarding its authenticity, as the sources he cited were not major media outlets, and well-known cryptocurrency platforms had not disclosed related information.
Zhao Changpeng wrote: "The United Arab Emirates (UAE) holds $40 billion worth of Bitcoin."
Below the tweet, the official note stated: "Readers added background information they thought people might want to know, and the source quoted by Zhao Changpeng only mentioned the 'allegation' and 'rumor' of the UAE holding $40 billion in Bitcoin."
The news immediately attracted the attention of industry observers, especially cryptocurrency lawyer Irina Heaver. She questioned the credibility of the article, suggesting that it seemed to be AI-generated content lacking evidence to support its claims.
In response to the doubts, Zhao Changpeng acknowledged the uncertainty of the specific figures and pointed out: "I also want to know how they arrived at that exact number; it’s difficult to collect."
He added that while this number exceeded his expectations, it was still reasonable considering the number of high-net-worth individuals in the region.
This discussion prompted Zhao Changpeng to reflect on his role in developing the UAE's cryptocurrency ecosystem, describing how he witnessed Dubai's transformation from having 'only a few cryptocurrency companies' in 2021 to becoming home to thousands of blockchain-related enterprises.
He said: "I have indeed done a lot of promotion here. But I didn’t know the number was this large, nor how much of it can be attributed to my efforts."
The Binance exchange founded by Zhao Changpeng revealed Dubai's initiatives in the cryptocurrency field, including a crypto hub within the Dubai Multi Commodities Centre, creating a favorable environment for blockchain startups and digital asset investments.
These regulatory frameworks and government efforts have successfully attracted numerous international cryptocurrency companies to operate in the region.
The debate surrounding the UAE's Bitcoin holdings comes at a time when the country is actively positioning itself as a global cryptocurrency hub.
Although the exact value of the country's cryptocurrency holdings has not been confirmed, this discussion highlights the UAE's growing influence in the cryptocurrency space.
The well-known cryptocurrency media outlet BlockTempo also reported on Zhao Changpeng's post, stating: "The author believes that given Zhao Changpeng's influence and insider knowledge, this post indirectly verifies that the UAE has indeed bought Bitcoin, but it’s uncertain whether the amount really reaches $40 billion."
Cryptocurrency analyst Lark Davis, who has over 1.3 million followers on Twitter, pointed out last week that rumors suggest the UAE has purchased 300,000 Bitcoins, currently worth over $28.1 billion. He stated: 'If this proves to be true, then no one is bullish enough on Bitcoin.'
Another analyst, Trader T, stated in the community that $40 billion worth of Bitcoin translates to approximately 411,978 Bitcoins in potential holdings, which means this Middle Eastern country could rank among the top three entities in the world for Bitcoin holdings, only behind BlackRock's IBIT Bitcoin Spot ETF and MicroStrategy, and it would also be the largest government holder, surpassing the U.S. government's 207,000 Bitcoins.
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