UAE Owns US$40 Billion in Bitcoin, Will Become the 3rd Largest Holder
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The United Arab Emirates (UAE) has attracted the attention of the digital currency or cryptocurrency community after reportedly owning more than US$40 billion in Bitcoin (BTC).
Although it has not been confirmed, Binance CEO Changpeng Zhao said that the UAE has hoarded around US$40 billion in Bitcoin, making the UAE the largest National Bitcoin holder in the Middle East.
In addition to Zhao's leak, a crypto analyst with the initials T said that the UAE has managed to hold 411,978 Bitcoin and has the potential to rank in the top three in the world. In other words, this country could overtake MicroStrategy's (MSTR) ownership of US$42 billion and Blackrock's iShares Bitcoin Trust (IBIT) of US$53 billion.
It is not only the UAE that is hoarding Bitcoin in its country's economic strategy, there are Saudi Arabia and Qatar who are trying to increase Bitcoin reserves. The reason is, currently Middle Eastern countries recognize that the value of Bitcoin will continue to increase.
The trend of countries adopting Bitcoin in their economic strategies marks a positive development and increasingly considers the digital asset as a key to the growth of the country's treasury in the future.