Binance founder Changpeng Zhao, has once again stirred the crypto world, this time by sharing an audacious claim about the United Arab Emirates (UAE). In a tweet on December 22, 2024, Zhao highlighted an article suggesting the UAE’s BTC holdings is up to a whopping $40 billion.
Zhao’s tweet included a note of curiosity, as he admitted to wondering how the precise number had been calculated, given the challenges of aggregating such data.
Crypto lawyer Irina Heaver was one of the first to question the claim, criticizing its credibility and authenticity. Many in the cryptocurrency community shared her doubts, pointing out that the amount was very hypothetical.
In response, Zhao clarified his stance, stating, “I also wondered how they came up with the exact number; it’s challenging to collect.” While acknowledging the number exceeded his expectations, he noted that it wasn’t entirely implausible given the UAE’s significant number of high-net-worth individuals.
The claim sparked further discussion on X, with one user describing Zhao as a key "architect" behind Dubai's meteoric rise as a crypto hub. He humorously acknowledged his role, stating, “I certainly did a lot of shilling here. But I didn't know the number was so big or how much of that could be attributed to my efforts.” According to him, Dubai’s crypto ecosystem has expanded rapidly—from just a handful of blockchain companies in 2021 to thousands today.
However, skepticism persisted. The popular Bitcoin Archive account dismissed the claim as “fake news,” citing the absence of any verified sources. Other influencers, like Lark Davis, shared the uncertainty, describing the information as a rumor lacking concrete evidence.
The Role of Dubai Multi Commodities Center’s Crypto Center
Amid the controversy, the UAE’s active role in the cryptocurrency sector remains undeniable. Key to this progress is the Dubai Multi Commodities Center’s Crypto Center, an initiative designed to attract blockchain startups and global crypto firms. This center has served as a launchpad for innovative projects, bolstered by Dubai's crypto-friendly regulations and government support.
In recent years, the UAE has embraced cryptocurrencies with open arms, implementing frameworks that have attracted major players like Binance. These policies have positioned the region as a welcoming environment for blockchain innovation and digital asset investments.
Zhao himself has been a vocal advocate of Dubai’s crypto vision, frequently praising the emirate’s progressive regulatory landscape. Under his influence, Binance made Dubai its regional hub, further solidifying the UAE’s reputation as a blockchain powerhouse.
Final Notes
As of now, no government body or UAE-based institution has confirmed the $40 billion Bitcoin figure. Critics have called for greater transparency and credible evidence when discussing such significant claims. The lack of substantiation has also sparked concerns over the reliance on speculative and, potentially, AI-generated content in cryptocurrency reporting.
Nonetheless, the UAE’s progress in embracing blockchain technology and cryptocurrency remains impressive. Dubai’s proactive approach has transformed the region into a magnet for crypto firms and talent, fostering an ecosystem poised for growth.