According to a post by Binance’s former CEO Changpeng Zhao on X, the United Arab Emirates (UAE) has reached a significant milestone in the cryptocurrency industry, owning an impressive $40 billion worth of Bitcoin assets.
According to the source cited by CZ, the government has implemented several forward-thinking initiatives, including the establishment of the Dubai Multi Commodity Centre (DMCC) Crypto Hub, designed to support blockchain and cryptocurrency initiatives.
However, it is not known when the country purchased the BTCs in question and in which cryptocurrency wallet addresses it is kept, and the source cited by the Binance founder does not make any reference to this. In other words, this claim made by CZ is not completely confirmed.
The former CEO of Binance went to Dubai, where he currently lives, after being released from prison in the US a few months ago.
If the United Arab Emirates does indeed have a BTC fortune of $40 billion, that would put it above the approximately $19 billion BTC fortune held by the United States.
*This is not investment advice.