Rumors are sweeping the digital currency sector that the United Arab Emirates (UAE) holds more than $40 billion in Bitcoin.
Those whispers got a boost after a vague tweet from Binance founder and former CEO Changpeng Zhao.
Rumors of accumulated trends of nationality-state Bitcoin Wealth Spotlight UAE
On December 22, Zhao cited an unconfirmed report that mentioned that the UAE has collected about $40 billion in the main crypto.
If true, crypto analyst Trader T said this would mean the Middle Eastern country holds 411,978 BTC and could be among the top three Bitcoin holders worldwide world and the main guardian of the national government.
This revelation sparked intense discussions and varying degrees of skepticism within the crypto community. Despite the hype, this information remains unconfirmed and relies on speculative sources only.
“People are reporting the UAE $40b Bitcoin purchase as FACT. From all publicly available information, this has not been confirmed. It's just a rumor that started 𝕏 and now it's taken as fact,” wrote Bitcoin Archive.
The concept of nation states, especially rich countries in the Middle East, is not collecting new Bitcoin. Last month, some rumors suggested that regional powers such as Saudi Arabia and Qatar could be increasing their Bitcoin reserves as the value of the digital asset exceeded the $90,000 mark.
However, these rumors remain unconfirmed as of press time. Nevertheless, market observers said these recurring stories underscore a growing trend of countries seriously considering and possibly implementing consolidation strategies. Bitcoin.
In fact, the market has seen tangible examples of this trend, especially in El Salvador. The country recently increased its Bitcoin investment, buying 11 more units of the main digital currency. According to official data, this brings his total holdings to 5,993.77 BTC, worth about $575 million.
This move came despite prior agreements with the International Monetary Fund (IMF) to reverse these policies. But, The authorities of El Salvador have have made further progress towards increasing their BTC stockpile. For context, Max Keiser, senior advisor to the President of El Salvador, further disclosed plans to increase the country's Bitcoin reserves by 20,000 BTC.
“El Salvador is moving to a peaceful level, Bitcoin. The interim goal in (El Salvador) is to get another 20,000 BTC,” Keizer said.
Denial
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