There has been a recent commotion within the crypto community claiming that the UAE’s Bitcoin assets now stand at $40 billion. But there also are some who aren’t so sure.
According to crypto analyst Bitcoin Archive, there is a serious gap of evidence to back the claim. If it were to be accurate, why has there been so much controversy surrounding such a figure? Let’s analyze this.
Some reports have also suggested that the UAE has acquired Bitcoin’s interest as the region now holds an estimated $210 million worth of Bitcoin, which also goes hand in hand with the economy’s steady growth output. This further explains the region’s boom in the export of precious metals. This definitely explains the country’s efforts to become a key player within the AML industry. As a result of these policies, there had been a boom in startups, which would have boosted the reserves.
But without hard evidence, these claims remain up for debate. As stated, some experts believe that this would lead to some form of investment. Even the former head of Binance’s crypto exchange, CZ, has voiced similar thoughts, saying that he believes that the country would begin massive acquisition of Bitcoin.
UAE Bitcoin Claim Comes with No Proof
Bitcoin Archive has shared a report where the UAE claims to own $40 billion worth of Bitcoin; several denied it but note that there are no links or sources that would have been able to confirm the story. Such massive reserves, if true, would justify the wild ambition of the teachers into who and what drives the crypto industry. These figures would also raise several eyebrows, especially since the authorities in charge of the nation have an undeniably significant role within the space.
The same discussion also tackled how Bitcoin could fit within the strategic reserve systems of the country’s economy, integrating Mr Trump’s prior mention of a US strategic reserve.
The UAE has witnessed a great deal of activity pertaining to cryptocurrency and assets. According to estimates, between 2023 and June 2024, the country will have recorded a total inflow of thirty-four billion dollars into digital assets (This is 42% more than the previous year). The saturation of the markets continued at 16% for Bitcoin, while stablecoins such as Tether owned 51% of the market.
Metaplanet Expands Bitcoin Holdings to 1,761.98 BTC
Metaplanet, a Japanese investment firm, has expanded its Bitcoin holdings with a new purchase of 619.70 BTC for 9.5 billion yen (around $60.7 million). This brings the company’s total Bitcoin stash to 1,761.98 BTC.
The firm paid an average of 15,330,073 yen per Bitcoin in its latest acquisition. Overall, Metaplanet has invested 20.872 billion yen in Bitcoin, with an average purchase price of 11,846,002 yen per coin.
This move cements Metaplanet’s status as a significant player in the cryptocurrency space. The company said it has grown its Bitcoin holdings strategically through capital market activities and revenue-driven purchases.
To boost transparency, Metaplanet has introduced Bitcoin Yield (BTC Yield) as a key performance metric. This new KPI will help investors understand how the company funds Bitcoin purchases, including through issuing stock or convertible instruments.
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Is there a Bitcoin machine in Dubai?
Dubai is home to Bitcoin ATMs, offering locals and tourists an easy way to access cryptocurrency. One of the first was installed back in 2019 at the Rixos Premium Dubai Hotel. This marked a major step in making crypto more accessible in the region. Since then, the city has continued to expand its options for digital currency enthusiasts.
Is Binance legal in the UAE?
Binance FZE, the Dubai-based arm of Binance, holds a license from the Dubai Virtual Assets Regulatory Authority (VARA) to operate as a Virtual Asset Service Provider.
