UAE Recognizes Bitcoin as Store of Value Comparable to Gold

Changpeng Zhao, the founder and former CEO of Binance, claims to have played a small role in the United Arab Emirates' recognition of Bitcoin as a store of value comparable to gold.

The move follows years of growing national exposure, with the country's total cryptocurrency activity now exceeding $1 billion across mining operations and sovereign ETF holdings.

Abu Dhabi's royal family has entered Bitcoin mining through its affiliated firm Citadel Mining, which established large-scale operations on Al Reem Island in 2022. The entity produced an estimated $453.6 million in BTC, according to blockchain analytics platform Arkham.