Changpeng Zhao claims UAE holds $40 billion in Bitcoin
Crypto lawyer Irina Heaver questioned the claim’s validity, suggesting it may lack credible evidence.
Binance founder Changpeng Zhao has stirred a debate about cryptocurrency adoption in the UAE by claiming the nation holds $40 billion in Bitcoin. This figure, shared in a tweet, quickly captured the attention of industry professionals, including crypto lawyer Irina Heaver, who questioned the claim’s validity, suggesting it may be AI-generated content lacking credible evidence. Zhao acknowledged the uncertainty but suggested the number could be plausible, given the region’s wealth and the growing number of high-net-worth individuals.
The conversation also highlighted the UAE’s expanding cryptocurrency ecosystem, especially in Dubai. Zhao reflected on the city’s rapid transformation from hosting only a few crypto firms in 2021 to now becoming a hub for thousands of blockchain-based businesses. Dubai’s favourable regulatory frameworks, such as the Dubai Multi Commodities Center’s Crypto Center, have been key in attracting global crypto companies.
While the exact value of the UAE’s Bitcoin holdings remains unverified, the ongoing debate underscores the country’s increasing prominence in the cryptocurrency space.
