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Rumors are rife in the cryptocurrency sector that the United Arab Emirates (UAE) is said to hold more than $40 billion in Bitcoin.
These whispers were amplified following a vague tweet from Binance founder and former CEO Changpeng Zhao.
Rumored about the UAE’s Bitcoin “treasure”: Highlighting the accumulation trend of countries
On December 22, Zhao evidence An unconfirmed report hinted that the UAE has accumulated around $40 billion in this top cryptocurrency.
If true, crypto analyst Trader T said this means the Middle Eastern country owns 411,978 BTC and is likely to be among the three largest Bitcoin holding countries globally, topping the list by volume. Bitcoin of national governments.
This revelation stimulated much heated debate and varying degrees of skepticism in the cryptocurrency community. Although causing a stir, this information remains unverified and is based only on hypothetical sources.
“People are claiming about the UAE buying $40 billion worth of Bitcoin as a FACT. From all public information, this has not been confirmed. It was just a rumor that started from X and is now considered true,” Bitcoin Archive write.
The concept of countries, especially wealthy ones in the Middle East, stockpiling Bitcoin is not new. Last month, it was rumored that regional powers such as Saudi Arabia and Qatar may also be increasing their Bitcoin reserves as the value of the digital asset surpassed $90,000.
However, these rumors have not been confirmed as of now. However, market observers say these recurring stories highlight a growing trend as countries seriously consider and possibly act on Bitcoin accumulation strategies.
Indeed, the market has seen concrete examples of this trend, especially in El Salvador. The country recently increased its investment in Bitcoin, purchasing 11 more units of the leading cryptocurrency. According to official data, this move has increased the country’s total Bitcoin holdings to 5,993.77 BTC, worth about 575 million USD.
The move comes despite previous agreements with the International Monetary Fund (IMF) to reverse such policies. However, El Salvador authorities have made further progress to increase their Bitcoin inventory. To clarify, Max Keiser, senior advisor to the President of El Salvador, revealed plans to further increase the country’s Bitcoin reserves by 20,000 BTC.
“El Salvador is moving to a peaceful Bitcoin standard. Temporary target [El Salvador] is to own an additional 20,000 BTC,” Keizer declare.
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