Changpeng Zhao (CZ), founder and former CEO of the world’s largest crypto exchange, Binance, has shared that he played a small role in the United Arab Emirates formally recognizing bitcoin (BTC) as a store of value, similar to gold. In a social media post, CZ modestly described his involvement as “a tiny bit of advocacy,” reflecting his influence on the country’s growing crypto-friendly stance. His move to Dubai in 2021, driven by the city’s progressive approach to cryptocurrency, allowed him to engage with key figures and contribute to shaping policies around Bitcoin and the broader digital asset sector.
Over the past several years, the UAE has steadily increased its exposure to Bitcoin, combining mining initiatives and the purchase of exchange-traded funds (ETFs). By 2022, Abu Dhabi’s royal family had entered the crypto mining space through its affiliated company, Citadel Mining. The firm launched large-scale mining operations on AI Reem Island and has since accumulated more than $450 million worth of bitcoin.
Recent data from market intelligence platform Arkham shows that the UAE has mined 453.6 BTC, retaining the majority of these coins. The last recorded outflow from these holdings was four months ago, and the royal family has seen roughly $344 million in profit from its mined BTC, not accounting for energy expenses. The country’s investments in ETFs have faced declines along with bitcoin’s broader price drops, yet the combined BTC exposure remains above $1 billion.
With the UAE now officially recognizing bitcoin as a store of value, the cryptocurrency is positioned to be treated as a long-term reserve asset. CZ’s presence and advocacy in Dubai, coupled with the royal family’s strategic accumulation of BTC through mining and ETFs, illustrate the country’s deliberate steps toward integrating Bitcoin into its financial and economic framework. This approach signals that the UAE intends to maintain a significant position in digital assets while treating them alongside traditional reserves like gold.
