Changpeng Zhao (CZ), the former richest Chinese and founder of Binance, retweeted a message about "UAE holding a $40 billion Bitcoin national reserve," sparking skepticism in the crypto community about its authenticity, as the source cited is not a major media outlet and well-known crypto platforms have not disclosed such information.
Changpeng Zhao wrote: "The United Arab Emirates (UAE) holds $40 billion worth of Bitcoin."
Below the tweet, an official note stated: "Readers added background information they thought people might want to know, mentioning only 'allegations' and 'rumors' about the UAE holding $40 billion in Bitcoin."
Following the release of the message, it immediately caught the attention of industry observers, particularly cryptocurrency lawyer Irina Heaver. She questioned the credibility of the article, suggesting it might be AI-generated content lacking evidence to support its claims.
In response to the doubts, Changpeng Zhao admitted the uncertainty of the specific figures, noting, "I also want to know how they came up with this exact number; it's hard to collect."
He added that although the figure was beyond his expectations, considering the number of high-net-worth individuals in the region, it was still reasonable.
This discussion prompted Changpeng Zhao to reflect on his role in developing the UAE's cryptocurrency ecosystem, describing how he witnessed Dubai's transformation from having "only a few cryptocurrency companies" in 2021 to becoming a hub for thousands of blockchain-related businesses.
He stated, "I did a lot of promotion here. But I didn't know the number was this big, nor how much of it could be attributed to my efforts."
The Binance exchange founded by Changpeng Zhao revealed Dubai's initiatives in the cryptocurrency field, including the crypto hub at the Dubai Multi Commodities Centre, creating a favorable environment for blockchain startups and digital asset investments.
These regulatory frameworks and government efforts have successfully attracted numerous international crypto companies to operate in the region.
The debate over the UAE's Bitcoin holdings comes as the country actively positions itself as a global cryptocurrency hub.
Although the exact value of the country's cryptocurrency holdings has not been confirmed, this discussion highlights the UAE's growing influence in the cryptocurrency sector.
Well-known crypto media BlockTempo also reported on Changpeng Zhao's post, writing, "The author believes that given Changpeng Zhao's influence and insider knowledge, his post indirectly verifies that the UAE really did buy Bitcoin, although whether the amount is as high as $40 billion remains uncertain."
Last week, cryptocurrency analyst Lark Davis, who has over 1.3 million followers on Twitter, pointed out rumors that the UAE had purchased 300,000 bitcoins, now valued at over $28.1 billion.
He said, "If this turns out to be true, then no one is bullish enough."
Another analyst, Trader T, mentioned in a community that $40 billion worth of Bitcoin translates to about 411,978 bitcoins potentially held, meaning this Middle Eastern country could rank among the top three global Bitcoin holders, just behind BlackRock's IBIT Bitcoin Spot ETF and MicroStrategy, and also becoming the largest national government holder, surpassing the U.S. government's 207,000 bitcoins.
