Binance founder Changpeng Zhao fuels speculation that the United Arab Emirates holds $40 billion worth of Bitcoin

Changpeng Zhao via his official X handle shared an article while tweeting that the UAE holds about $40 billion in Bitcoin.

Binance founder and former CEO Changpeng Zhao has amplified chatter suggesting that the United Arab Emirates (UAE) may hold up to $40 billion in Bitcoin.

In a tweet, CZ shared an article discussing the UAE's alleged Bitcoin holdings, which are said to be a result of both government and private investments.

“The United Arab Emirates (UAE) has reportedly made a significant move in the cryptocurrency space, reaching an impressive $40 billion in Bitcoin holdings.

The country’s embrace of blockchain technology and digital assets is driven by both government and private investments, positioning it as a key player in global crypto adoption.

The UAE has actively nurtured a favorable environment for cryptocurrency growth through initiatives like the Dubai Multi Commodities Center's Crypto Center. These strategic measures have encouraged both local and international blockchain startups to flourish, leading to the rumored increase in the nation's Bitcoin reserves.” The Cited article is read in parts.

The article shared by Changpeng Zhao also featured commentary from top crypto voices and influencers.

IBC group, a platform founded by leading crypto voice Mario Nawfal, commented on the speculated $40 billion Bitcoin holdings by the UAE.

“From the DMCC Crypto Center to sovereign wealth funds pouring in, it's clear: the UAE isn't just investing — they're building a foundation for long-term blockchain dominance.

What's driving this surge? Global inflation fears, regulatory clarity, and strategic timing during the bull season”, the group stated

Changpeng Zhao's tweet and the article he shared sparked a debate on the authenticity of the claim that the UAE holds $40 billion in crypto. However, he doubts the methodology that was used to arrive at the number claimed.

Dubai, in the United Arab Emirates, has positioned itself as a center for global pro-crypto incubation. Thousands of crypto startups have sprung up in the city over the years, ranging from venture capital firms backing crypto to crypto firms building products.

Changpeng Zhao was released from a four-month prison sentence in late September. The Binance founder was accused of overseeing lax Anti-money laundering laws while a CEO at Binance and facilitating transactions for sanctioned entities.