Why UAE is a Crypto Powerhouse
What’s interesting about the UAE is how they’ve become a big player on the crypto scene. They’re sitting on around 6,300 Bitcoins, valued at about $740 million. This isn’t just some random stash; it’s managed through Citadel Mining, a publicly traded company that the UAE government controls. Unlike other countries that get their Bitcoin from legal seizures, the UAE’s is from its own mining operations.
Their strategy to invest in Bitcoin mining through Citadel Mining has resulted in them becoming the fourth-largest state holder of Bitcoin in the world. Citadel, in conjunction with Phoenix Group, has mined around 9,300 BTC, and a significant chunk of these assets now belong to the UAE. This is an interesting model for other nations…
