UAE Holding $40 Billion Worth Bitcoin? Truth or Rumor?
Recent discussions in the crypto world have revolved around the bold claim that the United Arab Emirates (UAE) recently witnessed its Bitcoin holdings reach an impressive $40 billion. Perhaps prominent cryptocurrency commentator Bitcoin Archive has cast doubt on this news, citing a lack of evidence to support the bold news. Have Bitcoin holdings in the UAE really soared to $40 billion, or is it just a rumor? Let’s take a look.
UAE Bitcoin holdings hit $40 billion
The UAE’s Bitcoin holdings have reportedly reached $40 billion, demonstrating its growing interest in the cryptocurrency.
This surge is consistent with the global crypto bull market and reflects the UAE’s commitment to fostering a crypto-friendly environment. Initiatives such as the Dubai Cryptocurrency Center have supported blockchain startups and increased the country’s Bitcoin reserves.
Experts believe that the UAE will continue to expand its Bitcoin holdings, setting an example for other countries and encouraging institutions to invest in Bitcoin. However, earlier Binance’s former CEO CZ hints at UAE secrets Bitcoin reserves are being added.
There is no evidence to support this statement
Bitcoin Archive recently pointed to news provided by Bitcoinist regarding Bitcoin holdings in the United Arab Emirates (UAE). However, the Bitcoin Archive stated that they did not provide any reliable sources, links or supporting evidence to verify the $40 billion Bitcoin acquisition.
After searching for credible information, Bitcoin Archive found no confirmation of such a purchase. They explained that such a significant move would make global headlines, especially since the UAE has a significant impact on the cryptocurrency market.
They also mentioned ongoing discussions about Bitcoin’s role as a financial reserve, such as former President Trump’s ideas U.S. Strategic Reserve.
Questions about the news
The Bitcoin Archive also criticized the “Bitcoinist” article. They noted that it had a flashy title but lacked any credible details. The author of the article also did not provide any background information, further raising doubts about the veracity of the report.
Growing Bitcoin craze in UAE
Between 2023 and June 2024, cryptocurrency inflows into the UAE reached $34 billion, an increase of 42% over the previous year. Bitcoin has become a major player, accounting for 19% of the market, while stablecoins such as Tether account for 51%.
Tether even plans to Launch of dirham-backed tokenshowing the UAE’s emphasis on digital assets. By 2025, the number of cryptocurrency users in the UAE is expected to reach 3.78 million.
A report also revealed that 72% of UAE residents were invested in Bitcoin by early 2024, with large funds and institutions driving this growth. The UAE is quickly becoming a key player in the cryptocurrency world.