Yesterday, Binance founder Zhao Changpeng (CZ) forwarded a report about the UAE holding Bitcoin worth 40 billion US dollars, prompting the community to question whether it was fake news. CZ later responded that he also wants to know how the report arrived at the exact number and stated that the number is higher than he imagined.

Last night (22nd), Binance founder Zhao Changpeng (CZ) forwarded a report about the United Arab Emirates (UAE) holding Bitcoin worth 40 billion US dollars, triggering widespread discussion in the community.

Fake news, or does CZ have insider information?

However, the news shared by CZ immediately raised doubts from some individuals, branding it as "fake news". Cryptocurrency lawyer Irina Heaver commented, "There is nothing in this article indicating that the UAE holds Bitcoin; it looks like a randomly AI-generated article."

In response, CZ said, "I also want to know how they arrived at the exact number; collecting this data is quite challenging."

Higher than I imagined, but then again, there are many wealthy people here.

At the same time, CZ also lamented the rapid progress of Dubai becoming a global cryptocurrency center, saying, "I have indeed made a lot of money here. But I didn’t know this number was so large, nor do I know how much of that can be attributed to my efforts. When I came to Dubai in 2021, there were only a handful of cryptocurrency companies here. Within a few months, there were hundreds, and now there are thousands…"

The author believes that given CZ's influence and the insider information he knows, this post serves as an indirect validation that the UAE indeed has bought Bitcoin, but whether the amount really reaches 40 billion US dollars is uncertain...

If the UAE truly holds 40 billion US dollars in Bitcoin, it will overtake the US and Chinese governments.

According to reports, the report forwarded by CZ originates from the foreign media CryptoDNES, which also indicates that its source is suspected to come from unverified community rumors. With the UAE government actively building a regulatory environment conducive to the growth of cryptocurrencies in recent years, attracting more and more major cryptocurrency companies and startups to develop locally, it is now even reported that the UAE's Bitcoin holdings have grown to a value of 40 billion US dollars.

On the 20th, cryptocurrency analyst Lark Davis, who has over 1.3 million followers on X, pointed out that there are rumors that the UAE has purchased 300,000 Bitcoins (currently worth over 28.1 billion US dollars), "If this turns out to be true, then no one is bullish enough on Bitcoin."

Another analyst, Trader T, stated in the community that the 40 billion US dollars worth of Bitcoin translates to approximately 411,978 BTC in potential holdings, which means that this Middle Eastern country may rank among the top three entities in the world in terms of Bitcoin holdings, second only to BlackRock's IBIT Bitcoin spot ETF and MicroStrategy, and it would also be the largest national government holder, surpassing the US government's 207,000 and the Chinese government's 194,000.