UAE Recognizes Bitcoin as Store of Value Amid Growing Crypto Adoption

The United Arab Emirates (UAE) has made significant strides in embracing Bitcoin as a store of value, with the government formally recognizing the cryptocurrency alongside gold.

In an interview, Changpeng Zhao, founder and former CEO of Binance, revealed that he played a role in the UAE's adoption of Bitcoin. While CZ downplayed his involvement, stating that it was 'tiny', his influence on prominent figures in the region is seen as a contributing factor.

The UAE has invested heavily in Bitcoin mining and exchange-traded funds (ETFs), with Abu Dhabi's royal family venturing into large-scale mining operations. The royal family has amassed over $450 million in Bitcoin, with profits exceeding $344 million after energy costs.