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The United Arab Emirates reportedly owns $40 billion worth of Bitcoin, reflecting its growing interest in cryptocurrencies.
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Bitcoin Archive called this news false due to lack of evidence regarding the UAE’s $40 billion claim.
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The United Arab Emirates recorded $34 billion in cryptocurrency inflows by mid-2024, with Bitcoin leading the way at 19%.
Recent conversations in the cryptocurrency world have revolved around a bold claim that the United Arab Emirates (UAE) recently witnessed its Bitcoin holdings reach a staggering $40 billion. Perhaps prominent crypto commentator Bitcoin Archive will raise questions about this news citing the lack of evidence to support this bold news. Have Bitcoin holdings in the UAE really risen to $40 billion or is it just a rumor? let’s find out.
UAE Bitcoin Holdings Reach $40 Billion
Bitcoin holdings in the UAE have reportedly reached $40 billion, demonstrating its growing interest in cryptocurrencies.
This rise aligns with a global cryptocurrency bull market and reflects the UAE’s focus on fostering a cryptocurrency-friendly environment. Initiatives such as the cryptocurrency center in Dubai have supported blockchain startups, boosting Bitcoin reserves in the country.
Experts believe that the UAE will continue to expand its Bitcoin holdings, setting an example for other nations and encouraging institutional investments in Bitcoin. However, former Binance CEO CZ previously hinted that the UAE is secretly increasing its bitcoin reserves.
There is no evidence to support the claim
Bitcoin Archive recently pointed out news provided by Bitcoinist regarding the United Arab Emirates (UAE) bitcoin holdings. However, Bitcoin Archive says they provided no credible sources, links, or supporting evidence to validate the $40 billion Bitcoin acquisition.
The website “Bitcoinist” picked it up and declared it as a fact.
No sources are cited, no links, nothing.
The search results return nothing.
This would be BIG news that will be widely reported on, especially in light of Trump’s commitment to the US Strategic Reserve.The headlines become absurd… pic.twitter.com/RUKBsTinzp
– Bitcoin Archive (@BTC_Archive) December 22, 2024
After searching for reliable information, Bitcoin Archive found no confirmation of such a purchase. They explained that a move as big as this would make global headlines, especially since the United Arab Emirates has a major impact on the cryptocurrency market.
They also mentioned the ongoing discussion about Bitcoin’s role in financial reserves, such as former President Trump’s idea of a United States Strategic Reserve.
Questions about the news
Bitcoin Archive also criticized the article on “Bitcoinist.” They noted that it had a catchy headline but lacked credible details. The author of the article also did not provide any background information, raising even more doubts about the authenticity of the report.
The growing rise of Bitcoin in the United Arab Emirates
Between 2023 and June 2024, the UAE saw a massive $34 billion flow into cryptocurrencies, an increase of 42% from the previous year. Bitcoin has become a key player, with 19% of the market share, while stablecoins like Tether account for 51%.
Tether even plans to launch a dirham-backed token, showing the UAE’s focus on digital assets. By 2025, cryptocurrency users in the UAE are expected to reach 3.78 million.
A report also shows that 72% of UAE residents had invested in Bitcoin by early 2024, with large funds and institutions driving this growth. The United Arab Emirates is quickly becoming a key player in the world of cryptocurrencies.
