UAE Recognizes Bitcoin as Store of Value Comparable to Gold

Changpeng Zhao, the founder 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.

Zhao, who relocated to Dubai in 2021 and has connections to prominent figures in the region, said he 'might have done a tiny bit of advocacy for this.'

The UAE's Bitcoin accumulation has taken two distinct paths. Abu Dhabi's royal family entered Bitcoin mining through its affiliated firm, Citadel Mining, which established large-scale operations on Al Reem Island that produced an estimated $453.6 million in BTC.

On-chain data shows the entity held the majority of its mined Bitcoin, with the last recorded outflow occurring four months ago. The royal family is now sitting on approximately $344 million in profit on its Bitcoin holdings, excluding energy costs.