Crypto

UAE Recognizes Bitcoin as Store of Value Comparable to Gold

Guavy AI Editorial Team Published September 13, 2026

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

The UAE's formal classification of Bitcoin comes after years of growing national exposure, with mining operations and sovereign ETF holdings exceeding $1 billion.

Zhao relocated to Dubai in 2021 and has connections to prominent figures in the region. The country's Bitcoin accumulation has taken two distinct paths: Abu Dhabi's royal family entered Bitcoin mining through its firm Citadel Mining in 2022, producing an estimated $453.6 million in BTC.

The royal family is now sitting on approximately $344 million in profit from their Bitcoin holdings, excluding energy costs. Two Abu Dhabi sovereign wealth entities have also accumulated over $1 billion in combined holdings of BlackRock's iShares Bitcoin Trust (IBIT).

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