There are recent rumors that the United Arab Emirates (UAE) might have more than $40 billion in Bitcoin, which could make it one of the biggest holders of crypto in the world.
A tweet from Changpeng Zhao, the former CEO of Binance, started this speculation. He mentioned an unverified report that says the UAE has gathered about 411,978 BTC. This news has sparked both excitement and doubt in the crypto community. Some analysts say that if it’s true, the UAE might be one of the top three Bitcoin holders in the world.
Many experts have advised being careful, highlighting that there isn’t strong evidence to back up these claims. Bitcoin Archive, a trusted source in the crypto world, noted that the story about the UAE’s alleged Bitcoin holdings mainly comes from rumors on social media.
There are unconfirmed reports that other rich Middle Eastern countries, like Saudi Arabia and Qatar, might be boosting their Bitcoin investments, especially since Bitcoin’s price has recently gone over $90,000.
Unlike the UAE’s uncertain position, El Salvador has clearly embraced Bitcoin as part of its national plan. The country bought 11 more BTC, bringing its total to almost 6,000 BTC, worth about $575 million. This action goes against what the International Monetary Fund (IMF) advises about these policies.
Max Keiser, an advisor to El Salvador’s President, announced plans for the country to buy another 20,000 BTC, highlighting a shift to a “peaceful Bitcoin standard.”
The UAE’s supposed Bitcoin holdings are not confirmed, but talks about them show that countries are looking into Bitcoin as a valuable asset, pointing to changes in how governments are investing in cryptocurrency.
