Does the United Arab Emirates have 40 billion magnesium bitcoins? Binance founder CZ: I'm not sure how the numbers came about, they're higher than I expected

Binance founder Zhao Changpeng (CZ) reposted a report last night claiming that the United Arab Emirates (UAE) has reached $40 billion in Bitcoin holdings.

The report points out that driven by both government and private sector investments, the United Arab Emirates has become a key player in global cryptocurrency adoption.

The UAE is actively creating an environment conducive to the growth of cryptocurrencies through initiatives such as the Dubai Multi Commodities Center (DMCC) crypto hub. These strategic measures encourage local and international blockchain startups to thrive, leading to rumors of an increase in Bitcoin holdings in the country

In terms of content, the figure of $40 billion should refer to the total national holdings including the private sector, rather than national reserves. However, it should be emphasized that the United Arab Emirates has not publicly announced its holdings of Bitcoin, and the report also stated at the end of the article that the UAE's Bitcoin holdings are still only rumors and have not been confirmed.

On the other hand, CZ also left a message under its forwarded tweet stating:

I also want to know how they came up with the exact numbers; collecting them is very challenging. It's even higher than I imagined, but then again, there are many wealthy people here

CZ currently resides in Dubai, United Arab Emirates and enjoys special status in the UAE. Therefore, CZ Having a certain level of understanding of the local cryptocurrency industry, he responded to netizens' questions by stating that when he first arrived in Dubai in 2021, there were only a few local cryptocurrency companies, but within a few months, they quickly grew to hundreds, and now they have reached thousands.