Binance’s Zhao sparks debate over UAE’s $40b BTC holdings
Binance founder Changpeng Zhao has sparked a discussion about cryptocurrency adoption in the UAE after sharing claims about the country’s Bitcoin holdings.
In a recent X tweet, Zhao shared an article claiming that the UAE holds $40 billion in Bitcoin (BTC). This figure immediately caught the attention of industry observers, particularly crypto lawyer Irina Heaver.
Heaver challenged the credibility of the article, suggesting it appeared to be AI-generated content and lacking evidence for its claims.
Responding to the skepticism, Zhao acknowledged the uncertainty surrounding the specific figure, noting: “I also wondered how they arrived at this exact figure; it’s difficult to collect.
Zhao added that although the amount exceeded his expectations, it could be plausible given the number of wealthy people in the region.
The discussion prompted Zhao to return to his role in the development of the UAE’s cryptocurrency ecosystem. He described Dubai’s shift from hosting “only a handful of crypto companies” in 2021 to becoming home to thousands of blockchain-related businesses.
Zhao said: “I definitely made a lot of money here. But I didn’t know that number was so large or how much of it could be attributed to my efforts.
The exchange highlighted Dubai’s initiatives in the cryptocurrency sector, including the Crypto Center at the Dubai Multi Commodities Center, which has created a favorable environment for blockchain startups and investments in digital assets.
These regulatory frameworks and government efforts have successfully led many 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. Although the exact value of national cryptocurrency holdings remains to be verified, the discussion highlights the UAE’s growing influence in the crypto space.
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