Binance founder Changpeng Zhao has sparked a discussion about cryptocurrency adoption in the UAE after sharing allegations about Bitcoin holdings in the country.
In X's recent tweet, Zhao shared an article claiming that the UAE owns $40 billion worth of Bitcoin (Bitcoin). This number immediately caught the attention of industry observers, especially cryptocurrency lawyer Irina Heffer.
Heffer questioned the article's credibility, stating that it appeared to be AI-generated content and lacked evidence to support its claims.
In response to these doubts, Zhao acknowledged the uncertainty surrounding the exact number, noting: "I also wondered how they came up with the exact number; it's hard to put together."
Zhao added that although the amount exceeded his expectations, it may be reasonable given the number of high-net-worth individuals in the area.
The discussion prompted Zhao to take a look at his role in developing the cryptocurrency ecosystem in the UAE. He described watching Dubai change from hosting “only a few cryptocurrency companies” in 2021 to becoming home to thousands of blockchain-related companies.
"I definitely paid a lot of shillings here. But I didn't know that the number was so large or how much of it could be attributed to my efforts," Zhao said.
The exchange highlighted Dubai's initiatives in the cryptocurrency sector, including the DMCC's Crypto Hub, which has created a favorable environment for blockchain startups and digital asset investments.
These regulatory frameworks and government efforts have succeeded in bringing many international cryptocurrency companies to establish operations in the region.
The controversy surrounding the UAE's bitcoin holdings comes at a time when the country is actively positioning itself as a global cryptocurrency hub. While the exact value of the nation's cryptocurrency holdings remains uncertain, the discussion underscores the UAE's growing influence in the cryptocurrency space.
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