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Speculation is rapidly circulating within the crypto community that the state of Qatar may soon be making a significant investment in Bitcoin (BTC), potentially amounting to billions of dollars.
At least one report suggests that the Middle Eastern country might have already taken action by acquiring 50,000 BTC through a series of daily purchases of 100 BTC each.
Currently, there is no concrete evidence linking the Emir of Qatar or the nation’s Sovereign Wealth Fund, the Qatar Investment Authority (QIA), to a substantial Bitcoin investment, although speculation has been prevalent since December.
Nevertheless, there are only a few theories regarding the enigmatic “Mr 100,” and one thing remains evident: there is considerable whale activity surrounding Bitcoin between the successful introduction of 11 spot Bitcoin ETFs in January and the forthcoming halving on April 19, a quadrennial event that reduces miners’ Bitcoin earnings and consequently the new supply.
Let’s explore why some believe Qatar’s Sovereign Wealth Fund is diversifying its portfolio with Bitcoin.
Qatar’s Emir Shows Interest in Bitcoin
The speculation began in December of last year when Bitcoin advocate Max Keiser tweeted, “the rumors are getting very loud on this,” implying that the QIA might be considering a purchase of half a trillion in Bitcoin.
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I have 1 word for you $100,000 #Bitcoin God Candle fans . . .
QATAR
The rumors are getting very loud on this.
Their SWF rumored to looking to buy 1/2 trillion #BTC pic.twitter.com/hm86KwtAj7
— Max Keiser (@maxkeiser) December 4, 2023
A number of reports lend credibility to Keiser’s assertion that Qatar is developing an interest in Bitcoin.
Firstly, observers have noted the improving relations between Qatari Emir Tamim bin Hamad Al Thani and El Salvador President and prominent Bitcoin advocate Nayib Bukele. Bukele established Bitcoin as legal tender in El Salvador in 2021, and the nation is believed to hold 5,689.68 BTC.
A photo also circulated on social media showing Qatar’s Executive Gulfstream G650ER jet at an airport in Madeira, Portugal, shortly after MicroStrategy executive chairman, co-founder, and Bitcoin supporter Michael Saylor’s presentation at Bitcoin Atlantis. MicroStrategy is recognized as the largest institutional Bitcoin holder, currently possessing approximately 193,000 BTC, valued at around $13 billion.
1. The Emir of Qatar visit El Salvador in September
2. Qatar Private Jet in Madeira during #Bitcoin conference.
3. Next day #Bitcoin breaks $65,000
Probably nothing…
pic.twitter.com/980xniJICG
— Bitcoin Archive (@BTC_Archive) March 4, 2024
pic.twitter.com/980xniJICGHowever, institutions have been prohibited from utilizing Bitcoin in Qatar since 2018, when the country’s Central Bank issued a directive to all banks within its jurisdiction.
The post Unraveling the Mystery: Qatar’s Role in the $3.3 Billion Bitcoin Investment Rumors appeared first on Cryptonews.
