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UAE Recognizes Bitcoin as Store of Value Comparable to Gold

Guavy AI Editorial Team
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Changpeng Zhao, the founder and former CEO of Binance, has acknowledged playing a small role in the United Arab Emirates' formal recognition of Bitcoin as a store of value comparable to gold.

The UAE's commitment to Bitcoin extends beyond mining. Two Abu Dhabi sovereign wealth entities have accumulated over $1 billion in combined holdings of BlackRock's iShares Bitcoin Trust (IBIT).

Abu Dhabi's royal family has also entered the scene, establishing large-scale Bitcoin mining operations on Al Reem Island that have produced an estimated $453.6 million in BTC.

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