From beincrypto by Oluwapelumi Adejumo

Rumors are swirling in the cryptocurrency sector that the United Arab Emirates (UAE) reportedly holds over $40 billion in Bitcoin.

These whispers gained momentum following a vague tweet from Binance founder and former CEO Changpeng Zhao.

Rumors of UAE’s Bitcoin Wealth Spotlight Nation-State Accumulation Trends

On December 22, Zhao cited an unconfirmed report that alluded that the UAE has stockpiled approximately $40 billion in the top crypto.

If true, crypto analyst Trader T stated that this would mean that the Middle Eastern country holds 411,978 BTC and potentially ranks among the top three Bitcoin holders globally and the foremost national government holder.

UAE Ranking if it Held Bitcoin. Source: X/Trader T

This revelation sparked intense discussions and varying degrees of skepticism within the crypto community. Despite the buzz, this information remains unverified and rests solely on speculative sources.

“People are stating the UAE $40b Bitcoin purchase as a FACT. From all the publicly available information, this has not been confirmed. It is just a rumour started on 𝕏 and now it has been taken as fact,” Bitcoin Archive wrote.

The notion of nation-states, particularly wealthy Middle Eastern countries, stockpiling Bitcoin isn’t new. Last month, some rumors suggested that regional powers like Saudi Arabia and Qatar might also be increasing their Bitcoin reserves as the digital asset’s value surged past the $90,000 mark.

However, these rumors remain unconfirmed as of press time. Nevertheless, market observers said these recurring stories underscore a growing trend of countries seriously considering and possibly acting on Bitcoin accumulation strategies.

Indeed, the market has seen tangible examples of this trend, notably in El Salvador. The country recently upped its Bitcoin investment, purchasing an additional 11 units of the flagship digital cryptocurrency. According to official data, this brings its total holdings to 5,993.77 BTC, valued at approximately $575 million.

El Salvador Bitcoin Holdings. Source: National Bitcoin Office

This move came despite prior agreements with the International Monetary Fund (IMF) to reverse such policies. However, El Salvador authorities have made further progress towards increasing their BTC stockpile. For context, Max Keiser, a senior advisor to El Salvador’s President, revealed plans further to increase the nation’s Bitcoin reserves by 20,000 BTC.

“El Salvador is moving to a peaceful, Bitcoin standard. The interim goal in [El Salvador] is to acquire another 20,000 BTC,” Keiser stated.