Recent conversation in the cryptocurrency world has centered around the bold claim that the United Arab Emirates (UAE) recently had its Bitcoin holdings hit $40 billion. Perhaps prominent cryptocurrency commentator Bitcoin Archive will question this news, citing the lack of evidence to support this bold news. Have the UAE’s Bitcoin holdings really surged to $40 billion or is this just a rumor? Let’s find out.
UAE Bitcoin reserves reach $40 billion
The UAE’s Bitcoin holdings are said to be worth $40 billion, showing growing interest in the cryptocurrency.
This surge coincides with the global cryptocurrency bull market and reflects the UAE’s focus on creating a cryptocurrency-friendly environment. Initiatives such as the Cryptocurrency Center in Dubai have boosted the country’s Bitcoin reserves by supporting blockchain startups.
Experts believe that the UAE will continue to expand its Bitcoin holdings to set an example for other countries and encourage institutional investment in Bitcoin. However, CZ, former CEO of Binance, previously hinted that the UAE was secretly increasing its Bitcoin reserves.
No evidence to support the claim
Bitcoin Archive recently pointed to news provided by Bitcoin List regarding United Arab Emirates (UAE) Bitcoin holdings. However, the Bitcoin Archive said it did not provide any credible sources, links or supporting evidence to substantiate the $40 billion Bitcoin acquisition.
Even after searching for reliable information, Bitcoin Archives found no confirmation of such purchases. They explained that a move as big as this would make global headlines, especially since the UAE has a huge impact on the cryptocurrency market.
They also noted ongoing discussions about Bitcoin’s role in financial reserves, such as former President Trump’s idea of U.S. strategic reserves.
Questions about the news
Bitcoin Archive also criticized the article for “Bitcoinist”. They noted that while the headlines were flashy, they lacked credible details. Additionally, the author of the article did not provide any background information, further raising doubts about the report’s authenticity.
UAE’s Growing Bitcoin Boom
From 2023 to June 2024, the UAE saw massive inflows of $34 billion into cryptocurrencies, a 42% increase compared to the previous year. Bitcoin emerged as a key player with 19% of the market share, while stablecoins like Tether accounted for 51%.
Tether also plans to launch a dirham-based token, demonstrating the UAE’s focus on digital assets. By 2025, the number of cryptocurrency users in the UAE is expected to reach 3.78 million.
Additionally, a report found that 72% of UAE residents had invested in Bitcoin by early 2024, with large funds and institutions driving this growth. The UAE is fast becoming a key player in the cryptocurrency world.