Bitcoin (BTC), the world’s largest cryptocurrency, was once considered a scam. The asset was previously condemned by global leaders and prominent personalities. However, the growth of the king coin has changed the perspectives of many. As Bitcoin began its rally and surged beyond the $100,000 mark, several started embracing the asset. Currently, an array of nations hold notable chunks of the king coin. The United Arab Emirates (UAE) was seen making headlines as its holdings came to light.
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Diving Into The UAE’s Bitcoin Holdings
According to reports, the UAE has $40 billion worth of Bitcoin. This further demonstrates the region’s increasing interest in cryptocurrencies. The UAE seems to be creating a crypto-friendly atmosphere and is consistent with a worldwide crypto bull market. Blockchain firms have benefited from initiatives like Dubai’s cryptocurrency hub, which has increased the nation’s Bitcoin reserves.
But this stirred an uproar in the cryptocurrency market. Changpeng Zhao, the founder and former CEO of Binance, has fueled rumors about UAE’s BTC stash. Several pointed out that UAE’s Bitcoin holdings were only recently brought to the attention of the public. But the report didn’t offer any reliable references, connections, or proof to back up the $40 billion Bitcoin purchase.
Meanwhile, information about the US government’s holdings has been out to the public. According to CoinGecko statistics, the United States is the largest government owner of Bitcoin, holding an astounding 213,297 BTC. This comes to over $20 billion at today’s market pricing.
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Current Market Price
At the time of writing, Bitcoin was trading at $95,848.30 after recording a 1.39% downfall over the past 24 hours. It should be noted that BTC surged to an all-time high of $108,268.45 during the previous week. Currently, the king coin trades over 11% below its peak.
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