Binance’s Zhao sparks debate over UAE’s $40b BTC holdings

Binance founder Changpeng Zhao has sparked a debate about cryptocurrency adoption in the UAE after sharing allegations about the country’s Bitcoin holdings.

In a recent X tweet, Zhao shared an article claiming that the United Arab Emirates holds $40 billion worth of Bitcoin (BTC). The figure immediately caught the attention of industry observers, especially crypto lawyer Irina Heaver.

Heaver disputed the credibility of the article, suggesting it appeared to be AI-generated content with no evidence for its claims.

Responding to the skepticism, Zhao acknowledged the uncertainty surrounding the specific figure and noted: “I also wondered how they came up with the exact figure; It is difficult to collect.”

Screenshot from X

Zhao added that the amount exceeded his expectations, but was reasonable considering the number of high-net-worth individuals in the area.

The controversy prompted Zhao to look back on the UAE’s role in developing the cryptocurrency ecosystem. He described Dubai witnessing its shift in 2021 from hosting “only a handful of crypto companies” to hosting thousands of blockchain-related businesses.

Zhao said, “I definitely earned a lot of shillings here. “But I didn’t know the number was that big and how much of it could be attributed to my efforts.”

The exchange has unveiled Dubai’s initiatives in the cryptocurrency sector, including the Crypto Hub of the Dubai Multi-Commodity Centre, which creates a conducive environment for blockchain startups and digital asset investments.

These regulatory frameworks and government efforts have successfully enabled numerous international crypto companies to establish operations in the region.

The debate over the UAE’s Bitcoin holdings comes at a time when the country is actively positioning itself as a global cryptocurrency hub. While the exact value of national cryptocurrency holdings has not been confirmed, the debate underscores the UAE’s growing influence in the crypto space.