After posting claims regarding the Bitcoin holdings of the UAE, Binance founder Changpeng Zhao has kicked up a conversation about cryptocurrency adoption within the country.Last week, Zhao shared an X Tweet featuring an article showing that the United Arab Emirates has $40 billion worth of Bitcoin.
That drew instant attention from industry observers, such as crypto lawyer Irina Heaver.Heaver challenged the article’s credibility as it seemed AI generated with no evidence to back up the claims, he added.
Zhao Highlights UAE’s Crypto Growth and Market Potential
Zhao said he responded to the skepticism by acknowledging the uncertain figure, adding: ‘I also wondered how they planned it down to the exact number collecting is difficult.’But even though the bagagge was far beyond his expectations, he said it was possible market with the amount of high net wallet individuals in the region.
From there, Zhao recalled a discussion that prompted him to look back on his role in creating the UAE’s cryptocurrency ecosystem. Dubai’s metamorphosis from being ‘only handful of crypto companies’ in 2021, to hosting thousands of blockchain related firms he recounted witnessing.
‘I absolutely did a lot of shilling here,’ Zhao added. So big or how much of that was my doing.”
While its presence has shown Dubai’s efforts on the cryptocurrency side, from the Dubai Multi Commodities Center’s Crypto Center, that has enabled the establishment of favorable conditions for the business of blockchain startups and digital investment.
These regulatory frameworks and government efforts have attracted many INTERNATIONAL CRYPTO Firms to come and start their ops in the region.It follows as the UAE is pursuing a reputation as a global cryptocurrency hub. The discussion of the exact amount of national cryptocurrency holdings is verifiable and the discussion around the UAE’s influence in the crypto space.
