Qatar's sovereign fund to buy $500 billion in Bitcoin? This may be a rumor, but there is potential motivation behind it
The real bull market may rely on both the United States and the Middle East.Written by: Deep Tide TechFlow
Waking up one night, Bitcoin is at $44,000, shocking the bears.
Regarding why Bitcoin is rising, the boring media has always liked to say the right nonsense or provide useless hindsight, but this time, Bitcoin's rise may indeed be influenced by a bit of rumor.
Notable Bitcoin maximalist Max Keiser stated on X, "There are rumors that the Qatar Sovereign Wealth Fund has entered the Bitcoin market and may intend to purchase Bitcoin worth up to $500 billion." Bitcoin (BTC) is facing increasingly fierce competition from "the Qatar Sovereign Wealth Fund and other Middle Eastern investors."
Keiser particularly believes that the massive investments from Middle Eastern sovereign wealth funds will drive Bitcoin prices up to $100,000.
A stone stirs up ten layers of waves, and immediately several related discussions appeared on X Space about this matter.
However, this "rumor" was quickly rebutted by rationalists. After all, the latest disclosed scale of the Qatar Investment Authority in 2023 is $475 billion, most of which is held in real estate and equities. Luke Broyles, also a Bitcoin advocate, criticized Keiser.
Currently, what Max Keiser said may simply be an exaggeration or "hype," but it indeed reflects the core narrative for Bitcoin's future growth.
In the previous cycle, Bitcoin was purchased and held by publicly listed companies and was recognized as legal tender by El Salvador. Therefore, for this cycle, Bitcoin needs a new breakthrough and a new narrative.
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Perhaps it comes from the recognition and holding by sovereign wealth funds of wealthy countries, or even central banks. Among all countries, the Middle East is relatively friendly and lenient towards cryptocurrencies, and with vast wealth, it naturally becomes the ideal "sugar daddy" for everyone.
As of 2022, the total assets under management of Middle Eastern sovereign wealth funds reached $3.64 trillion, while only $76 billion worth of BTC remains in exchanges. The wealthy individuals in the Middle East can easily stir the market.
Not only Bitcoin, but this year, traditional technology investments, dollar funds, and various industries in the new energy sector are all intensively heading to countries like Dubai and Qatar in search of funding.
The real bull market may rely both on the United States and the Middle East.
