UAE Recognizes Bitcoin as Store of Value Comparable to Gold

Changpeng Zhao, the founder and former CEO of Binance, has acknowledged playing a small role in the United Arab Emirates' recognition of Bitcoin as a store of value comparable to gold. The move comes after years of growing national exposure, with Bitcoin accumulation exceeding $1 billion across mining operations and sovereign ETF holdings.

The UAE's Bitcoin commitment extends beyond mining. Two Abu Dhabi sovereign wealth entities have accumulated more than $1 billion in combined holdings of BlackRock's iShares Bitcoin Trust (IBIT). By the end of last year, Mubadala held over 12.7 million IBIT shares valued at $631 million, while Al Warda owned at least 8.21 million shares worth $408 million.

Zhao relocated to Dubai in 2021 and his presence has coincided with a significant expansion of the country's cryptocurrency activity. The royal family is now sitting on approximately $344 million in profit on its Bitcoin holdings, excluding energy costs.