The United Arab Emirates is said to hold $40 billion in Bitcoin

Rumors are swirling in the cryptocurrency sector that the United Arab Emirates (UAE) is said to be holding more than $40 billion in Bitcoin.

These whispers follow a vague tweet from Binance founder and former CEO Changpeng Zhao.

Rumors of interesting nation-state accumulation trends in the United Arab Emirates' Bitcoin wealth

On December 22nd, Zhao cited an unconfirmed report that the UAE has accumulated nearly $40 billion in high-end crypto.

If true, crypto analyst Trader T said this means the Middle Eastern country holds 411,978 BTC and could be one of the top three Bitcoin holders globally and the leading national government.

This revelation has sparked intense discussions and various doubts in the crypto community. Despite the hype, this information is unverified and based only on speculative sources.

“People are reporting the UAE 40b Bitcoin purchase as fact. From all publicly available information, this is unconfirmed. It's just a rumor that started on and is now taken as fact,” wrote Bitcoin Archive.

Nation-states, especially wealthy Middle Eastern countries, hoarding Bitcoin is not new. Last month, some rumors suggested that regional powers such as Saudi Arabia and Qatar may increase their Bitcoin reserves as the digital asset's price soared above $90,000.

However, these rumors have not been confirmed at the time of writing. However, market watchers say these recurring stories highlight a growing trend that countries are seriously considering and possibly working on Bitcoin hoarding strategies.

Indeed, the market has seen concrete examples of this trend, especially in El Salvador. The country recently increased its Bitcoin investment, buying an additional 11 major digital cryptocurrencies. According to the official data, this brings the total holding to 5,993.77 BTC, which is approximately 575 million dollars.

The move comes despite an earlier agreement with the International Monetary Fund (IMF) to reverse such policies. however, The authorities of El Salvador have They have made further progress to increase their BTC reserves. For context, Max Keyser, senior adviser to El Salvador's president, has revealed further plans to increase the country's bitcoin reserves by 20,000 BTC.

“El Salvador is moving towards a peaceful bitcoin phase. Interim goal by [El Salvador] It's about getting another 20,000 BTC,” said Keizer.