Speculations are ablaze within the cryptocurrency community regarding the potential involvement of the state of Qatar in a substantial, possibly multibillion-dollar, Bitcoin (BTC) investment in the near future.
According to at least one source, it’s suggested that the Middle Eastern nation may have already initiated this venture by purchasing 50,000 BTC through a series of daily transactions, each comprising 100 BTC.
However, concrete evidence linking the Emir of Qatar or the state’s Sovereign Wealth Fund, the Qatar Investment Authority (QIA), to such a massive Bitcoin investment is yet to emerge, despite rumors gaining momentum since December.
Nevertheless, the mysterious case of the “Mr. 100” leaves few plausible explanations. What remains evident amidst the speculation is the significant movement of large Bitcoin holdings, particularly notable between the successful launch of 11 spot Bitcoin ETFs in January and the upcoming halving scheduled for April 19. This quadrennial event reduces miners’ Bitcoin revenue and subsequently impacts the new supply of Bitcoin.
The growing speculation prompts an exploration of why some individuals believe that Qatar’s Sovereign Wealth Fund is diversifying its portfolio by including Bitcoin.
Qatar’s Emir Shows Growing Interest in Bitcoin
The rumor mill kicked into gear last December when prominent Bitcoin advocate Max Keiser took to Twitter, stating, “the rumors are gaining significant traction,” hinting at the possibility of the Qatar Investment Authority (QIA) considering a substantial Bitcoin investment worth half a trillion dollars.
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
Multiple reports lend credence to Keiser’s assertion that Qatar is showing increasing interest in Bitcoin.
Firstly, observers have noted the warming relations between Qatari Emir Tamim bin Hamad Al Thani and Nayib Bukele, the President of El Salvador and a prominent advocate for Bitcoin. Bukele famously made Bitcoin legal tender in El Salvador in 2021, and the country is rumored to hold a significant amount of BTC, estimated at 5,689.68 BTC.
Additionally, a photo circulated on social media depicting Qatar’s Executive Gulfstream G650ER jet at an airport in Madeira, Portugal, just a day after Michael Saylor, the executive chairman and co-founder of MicroStrategy and a well-known Bitcoin advocate, spoke at the Bitcoin Atlantis event. MicroStrategy currently holds the largest amount of Bitcoin among institutional investors, with approximately 193,000 BTC on its balance sheet, valued at around $13 billion at present.
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
However, despite growing interest, institutions in Qatar have been prohibited from utilizing Bitcoin since 2018. This ban was implemented when the country’s Central Bank issued a circular to all banks within its jurisdiction, explicitly prohibiting the use of Bitcoin.
