Binance’s Zhao sparks debate over UAE’s $40b BTC holdings

Heaver challenged the article’s credibility, suggesting it appeared to be AI-generated content lacking evidence for its claims.

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Responding to the skepticism, Zhao acknowledged the uncertainty surrounding the specific figure, noting, “I also wondered how they came up with the exact number; it’s challenging to collect.”

Zhao added that while the amount exceeded his expectations, it could be plausible given the number of high-net-worth individuals in the region.

The discussion prompted Zhao to look back on his role in developing the UAE’s cryptocurrency ecosystem. He described witnessing Dubai’s change from hosting “only a handful of crypto companies” in 2021 to becoming home to thousands of blockchain-related businesses.

Zhao stated, “I certainly did a lot of shilling here. But didn’t know the number was so big or how much of that could be attributed to my efforts.”

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The exchange has brought to light Dubai’s initiatives in the cryptocurrency sector, including the Dubai Multi Commodities Center’s Crypto Center, which has created a favorable environment for blockchain startups and digital asset investments.

These regulatory frameworks and government efforts have successfully brought numerous international crypto companies to establish operations in the region.

The debate over the UAE’s Bitcoin holdings comes at a time when the nation is actively positioning itself as a global cryptocurrency hub. While the exact value of national cryptocurrency holdings remains unverified, the discussion underscores the UAE’s growing influence in the crypto space.