Does the UAE have $40 billion worth of bitcoins? Truth or rumor?
The latest discussion in the crypto world revolved around the bold claim that the United Arab Emirates (UAE) recently reached an astonishing $40 billion in its Bitcoin holdings. Perhaps the famous crypto analyst Bitcoin Archive has raised questions on this news, citing the lack of evidence to support this bold news. Has UAE Bitcoin Holdings Really Soared To $40 Billion Or Is It Just A Rumor? Let's find out.
United Arab Emirates Bitcoin Holdings reached $40 billion
The United Arab Emirates' Bitcoin holdings are said to have reached $40 billion.
This increase coincides with the global crypto bull market and reflects the UAE's focus on developing a crypto-friendly environment. Initiatives like the CryptoCentre in Dubai have supported blockchain startups and increased Bitcoin reserves in the country.
Experts believe that the United Arab Emirates will expand Bitcoin holdings, set an example for other countries and encourage institutional investments in Bitcoin. However, earlier Binance's former CEO, CZ, hinted that the UAE is secretly increasing its Bitcoin reserves.
There is no evidence to support the claim.
Bitcoin Archive recently pointed out news about the United Arab Emirates (UAE) holding Bitcoin by Bitcoinist. However, the Bitcoin Archive claims that they have not provided any credible sources, links and supporting evidence to prove the $40 billion purchase of Bitcoin.
After searching for credible information, Bitcoin Archive found no confirmation of such a purchase. He explained that the United Arab Emirates can take such a big step because it has a big influence on the crypto market.
He also mentioned the ongoing discussion about Bitcoin in financial reserves, like President Trump's previous US Strategic Reserve proposal.
Questions about the news
The Bitcoin Registry also criticized the article on “Bitcoinist”. They pointed out that despite the glossy headlines, there were no credible details. The author of the article did not provide any background information, which casts doubt on the authenticity of the report.
A growing Bitcoin boom in the United Arab Emirates
In the year Between 2023 and June 2024, the UAE saw a record $34 billion inflow into cryptocurrencies, a 42 percent jump from the previous year. Bitcoin has emerged as a key player with a 19% market share, while stablecoins such as Tether have 51%.
Tether plans to launch a dirham-backed token, reflecting the UAE's focus on digital assets. In the year Crypto users in the UAE are expected to reach 3.78 million by 2025.
A report shows that 72 percent of UAE residents have invested in Bitcoin by early 2024, with large funds and institutions driving this growth. The UAE is fast becoming a key player in the crypto world.
