While the post briefly fueled excitement about the UAE’s growing role in digital assets, many industry participants, including legal experts and cryptocurrency news outlets, have questioned the sources behind the claim, underscoring the uncertainty surrounding the nation’s purported Bitcoin reserves.

In a post on social media platform X, Zhao shared a link to an article asserting that the UAE holds “$40 billion in Bitcoin.” The link, posted on December 21, directed readers to an online piece heralding the UAE’s alleged milestone in cryptocurrency investment. The article attributed the claim to both government and private investments, and suggested that initiatives such as the Dubai Multi Commodities Center’s Crypto Center were playing a pivotal role in bolstering the country’s digital asset reserves.

Source: X

Immediate Skepticism

Shortly after Zhao’s post, crypto lawyer Irina Heaver and other prominent voices challenged the article’s credibility. Heaver pointed out that it appeared to lack any tangible evidence and suggested it might be AI-generated content. Changpeng Zhao himself acknowledged the uncertainty in a follow-up, saying, “I also wondered how they came up with the exact number; it’s challenging to collect.” He added that while $40 billion surpassed his expectations, the figure was not entirely implausible, given the large number of high-net-worth individuals in the region.

An X user replied to Zhao’s post by calling him a key “architect” of Dubai’s fast-growing crypto scene. Zhao responded that he had done “a lot of shilling” for the industry in the UAE, but “didn’t know the number was so big or how much of that could be attributed to my efforts.” According to Zhao, there were only a handful of crypto companies in Dubai in 2021, a figure which rapidly swelled to hundreds and later thousands, signaling the emirate’s ambition to become a major blockchain hub.

“Fake News” Concerns

Despite Zhao’s measured openness to the possibility, skepticism has proliferated. A widely followed social media account known as “Bitcoin Archive” dismissed the claims as “fake news,” warning that no verified sources had confirmed the $40 billion figure. “I wouldn’t usually comment on rumours, but people are stating the UAE’s $40B Bitcoin purchase as a FACT. From all the publicly available information, this has not been confirmed. It is just a rumour started on X and now has been taken as fact,” the account stated. Other posts from Bitcoin Archive criticized the recycling of the same uncorroborated details across various crypto-themed websites, calling them “garbage AI-generated crypto sites” that cite each other without providing verifiable evidence or official statements.

In a similar vein, crypto influencer Lark Davis tweeted that “Rumors are circulating that the UAE has purchased 300,000 Bitcoin,” but offered no direct proof and merely suggested that if the rumor were accurate, it could spur significant bullish sentiment for the world’s largest cryptocurrency. Another article on cryptocurrency news site “Bitcoinist” repeated the $40 billion figure, but also provided no additional evidence or government confirmation. Critics took issue with the lack of official data and the speculative nature of these reports, highlighting the need for credible sources when discussing national or sovereign investment in digital assets.

Dubai’s Cryptocurrency Aspirations

While the rumor itself remains unconfirmed, the UAE’s leadership in fostering a crypto-friendly environment is well documented. Officials have launched regulatory frameworks to attract blockchain startups, and the Dubai Multi Commodities Center’s Crypto Center has served as a catalyst, supporting numerous entrepreneurs and global cryptocurrency ventures.

Observers note that this proactive posture has helped the UAE earn a reputation as a potential global cryptocurrency hub. However, to date, no Emirati authority has provided substantiated figures on any national Bitcoin holdings.

Lingering Questions

At press time, no government agency or UAE-based financial institution had corroborated the $40 billion figure. Numerous stakeholders in the cryptocurrency community have emphasized the importance of verifying such claims before treating them as established facts. 

For now, the $40 billion Bitcoin holdings claim remains just that—a rumor. Yet, regardless of whether it holds any truth, the UAE’s ambitions in crypto and blockchain technology appear poised to continue, fueling both investment inflows and regulatory developments in one of the Middle East’s most dynamic financial environments.