UAE Recognizes BTC 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' formal recognition of Bitcoin (BTC) as a store of value comparable to gold. The UAE's classification comes after years of growing national exposure, with cryptocurrency activity exceeding $1 billion across mining operations and sovereign ETF holdings.

Zhao relocated to Dubai in 2021, where his presence and connections have coincided with the country's significant expansion into cryptocurrencies. The royal family of Abu Dhabi has entered Bitcoin mining through its affiliated firm, Citadel Mining, establishing large-scale operations that have produced an estimated $453.6 million in BTC.

The royal family now holds approximately $344 million in profit on their Bitcoin holdings, excluding energy costs. Additionally, two Abu Dhabi sovereign wealth entities, Mubadala Investment Company and Al Warda Investments, have accumulated more than $1 billion in combined holdings of BlackRock's iShares Bitcoin Trust (IBIT).