Binance founder Changpeng Zhao has sparked a debate 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 United Arab Emirates holds $40 billion in Bitcoin (BTC). The figure immediately attracted attention from industry observers, especially crypto lawyer Irina Heaver.
Heaver challenged the article's credibility, suggesting it appeared to be AI-generated content without evidence for its claims.
Responding to the skepticism, Zhao acknowledged the uncertainty surrounding the specific figure, noting, “I also wondered how they came up with the exact number; it's hard to collect.”
Zhao said that while the amount was higher than expected, it could be plausible given the number of high net worth individuals in the sector.
The debate prompted Zhao to look back on his role in developing the UAE's cryptocurrency ecosystem. He described seeing Dubai change from hosting “just a handful of crypto companies” in 2021 to being home to thousands of blockchain-related businesses.
Zhao said, “I definitely made a lot of shillings here. But I had no idea that the number was so great or how much of that could be due to my efforts. “
The exchange has brought Dubai initiatives to the fore in the cryptocurrency sector, including the Dubai Multi-Product Center Crypto Center, which has created a favorable environment for blockchain startups and digital asset investments.
These regulatory frameworks and government efforts have resulted in several international crypto companies setting up 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 digital currency ownership remains unconfirmed, the debate underlines the UAE's growing influence in the crypto space.
