UAE Allegedly Holds Over $40 Billion in Bitcoin, Claims Unverified
Rumors suggest that the United Arab Emirates (UAE) may hold over $40 billion in Bitcoin, potentially making it one of the largest holders globally. However, these claims are unverified.
The speculation began after a tweet by Binance’s former CEO, Changpeng Zhao, referencing an unconfirmed report about the UAE accumulating approximately 411,978 BTC, valued around $40 billion. If true, the UAE could rank among the top three Bitcoin holders worldwide and possibly have the largest reserves of any national government.
Despite the excitement, many in the crypto community urge caution. Bitcoin Archive pointed out the lack of solid evidence supporting these claims, stating, “People are treating the UAE’s $40 billion Bitcoin purchase as a fact, but all available information suggests this is just a rumor circulating on social media.”
This speculation aligns with ongoing rumors that wealthy Middle Eastern nations like Saudi Arabia and Qatar might also be increasing their Bitcoin holdings, especially as Bitcoin's price recently surpassed $90,000. These reports remain unconfirmed.
While the UAE's alleged Bitcoin stash is speculative, the trend of nation-states acquiring Bitcoin is evident. For instance, El Salvador has embraced Bitcoin as part of its national strategy. Recently, it purchased an additional 11 BTC, raising its total to 5,993.77 BTC, valued at about $575 million. El Salvador's actions contradict recommendations from the International Monetary Fund (IMF), which advised against such policies.
Additionally, Max Keiser, an advisor to El Salvador’s President, revealed plans for the country to acquire an extra 20,000 BTC, stating, “El Salvador is transitioning to a peaceful Bitcoin standard, with a goal to significantly boost its reserves.”
While concrete evidence regarding the UAE’s Bitcoin holdings is lacking, discussions reflect a growing interest among countries in exploring Bitcoin as a strategic asset. Currently, claims about the UAE remain part of broader speculation surrounding state-level cryptocurrency interest.