Speculation has resurfaced regarding a potential large-scale Bitcoin buy-in by Saudi Arabia and Qatar, two Middle Eastern countries. According to crypto analyst Justin Verrengia, there are indications that an official announcement may be made in the coming week. Verrengia, the host of the popular crypto channel Crypto News Alert, discussed the rumors sparked by crypto analyst Mark Keiser in a recent video. It is believed that Saudi Arabia and Qatar are considering purchasing around 1 million Bitcoins, valued at approximately $500 billion. This substantial buy-in can be compared to the 1.1 million BTC held in the wallet address owned by the pseudonymous Bitcoin creator, Satoshi Nakamoto. Verrengia suggested that the two countries may use their sovereign wealth funds to make this staggering purchase.
Mark Keiser, a Bitcoin maximalist, has been spreading speculations about a potential large-scale Bitcoin purchase by Saudi Arabia and Qatar since 2023. Keiser’s posts suggest that this investment could surpass the holdings of asset management company BlackRock and crypto intelligence company Microstrategy. The bold prediction has attracted attention within the crypto community and raises questions about the potential impact such a purchase could have on the Bitcoin market.
Expansion of Saudi Arabia’s Interest
Verrengia also noted Saudi Arabia’s expanding interest in digital currencies, exemplified by the recent partnership between Saudi Aramco (the largest oil company in Saudi Arabia) and SBI Holdings (a Japanese financial service). This move has been described as “oil money entering Bitcoin.” The partnership indicates Saudi Arabia’s openness to exploring the world of digital assets and suggests a potential shift in the country’s investment strategies.
Keiser’s posts also raised the possibility of a significant price surge if Saudi Arabia and Qatar purchase the rumored 1 million BTC. In one post, Keiser predicted a “$100,000 god candle,” referring to a unique price pattern where Bitcoin’s price shoots upwards by 100%, reaching new all-time highs.
Currently, Bitcoin is trading around $38,966.81, reflecting a 9.01% decrease in the past seven days. However, if Saudi Arabia and Qatar were to purchase 1 million BTC, it would represent a substantial chunk of the total BTC supply. Such a large-scale buy-in could attract the attention of institutional investors and potentially trigger a Fear of Missing Out (FOMO) effect. This surge in demand could drive Bitcoin’s price above $50,000 and create a frenzy in the market.
Past Milestones and Future Possibilities
In 2023, the anticipated approval of Spot Bitcoin ETFs pushed Bitcoin’s price to a record high above $49,000. If Saudi Arabia and Qatar were to proceed with the rumored purchase, Bitcoin could reach the coveted $50,000 mark once again. The combination of institutional interest, limited supply, and the potential FOMO effect could create a perfect storm for Bitcoin’s price to soar.
The potential Bitcoin buy-in by Saudi Arabia and Qatar has sparked excitement and speculation within the crypto community. The involvement of these two Middle Eastern countries, particularly Saudi Arabia, with its massive wealth and influence in the oil industry, could have a significant impact on Bitcoin’s future. Whether the rumors turn out to be true or not, the mere speculation has already generated discussions and predictions about the potential price surge and the involvement of institutional investors.