Rumors have surfaced in the cryptocurrency sector that the United Arab Emirates (UAE) is said to have held more than 40 billion USD in the form of Bit.
These whispers have been amplified after an ambiguous tweet from the founder and former CEO of Binance, Changpeng Zhao.
Rumors about the UAE's Bit "treasure trove": Highlighting the accumulation trend of countries
On December 22, Zhao cited an unconfirmed report suggesting that the UAE has accumulated around 40 billion USD in this top cryptocurrency.
If true, cryptocurrency analyst Trader T said this would mean the Middle Eastern country owns 411,978 BTC and is likely among the three countries with the largest global holdings of Bit, ranking first in terms of government-held Bit volume.
This revelation has sparked lively discussions and various levels of skepticism within the cryptocurrency community. Although it has caused a stir, the information has not been verified and is based only on speculative sources.
"Those claiming that the UAE bought 40 billion USD worth of Bit as a FACT. From all public information, this has not been confirmed. It is just a rumor originating from X and now being treated as fact," Bit Archive wrote.
The concept of countries, especially wealthy ones in the Middle East, holding Bit is not new. Last month, there were rumors that powers in the region, such as Saudi Arabia and Qatar, may also be increasing their Bit reserves as the value of this digital asset surpassed 90,000 USD.
However, these rumors have not been confirmed as of now. Nevertheless, market observers say these recurring stories highlight an increasing trend as countries seriously consider and may act on Bit accumulation strategies.
Indeed, the market has witnessed specific examples of this trend, particularly in El Salvador. The country has recently increased its investment in Bit, buying an additional 11 units of this top cryptocurrency. According to official data, this move has increased the total Bit held by the country to 5,993.77 BTC, worth around 575 million USD.
This move has emerged despite previous agreements with the International Monetary Fund (IMF) to reverse such policies. However, the El Salvador government has made further progress in increasing their Bit reserves. To clarify, Max Keiser, a senior advisor to the President of El Salvador, revealed plans to continue increasing the country's Bit reserves by an additional 20,000 BTC.
"El Salvador is transitioning to a peaceful Bit standard. The interim goal in [El Salvador] is to own an additional 20,000 BTC," Keiser declared.
