Author: Lorna Blount, CoinDesk
Translation: Frank, Foresight News
Recently, rumors about the Qatar Sovereign Wealth Fund making a large investment in Bitcoin have resurfaced.
As Bitcoin broke through the important threshold of $69,000, on-chain analysts noticed a new address holding over 50,000 bitcoins (worth over $3.5 billion), which has been nicknamed "Mr 100" because the address has been buying 100 bitcoins daily for several weeks.
Many speculate that this could be Qatar seeking to diversify its sovereign wealth fund investment portfolio, a mysterious billionaire, or a bank planning to launch a Bitcoin ETF and accumulating BTC in advance.
$500 Billion Investment in BTC?
The rumor of "Qatar Sovereign Wealth Fund to invest $500 billion in BTC" originated from a tweet by Bitcoin maximalist Max Keiser in December 2023, claiming that the Qatar Investment Authority (QIA) might invest $500 billion in Bitcoin.
Max Keiser, known for his involvement in Bitcoin investment strategies in El Salvador, implied that the market would be greatly impacted by his tweet, sparking discussions on X and boosting the price of Bitcoin.
He also stated on X, "For those who believe Bitcoin is going to $100,000, I have one word for you - Qatar. The rumors about them are becoming more and more real, and it is said that their sovereign wealth fund is considering purchasing $500 billion worth of Bitcoin."
Subsequently, Anthony Scaramucci, the founder and CEO of SkyBridge Capital, responded to Keiser's latest tweet, fueling the fire by saying, "It's happening!!!"
Anthony Scaramucci recently predicted that Bitcoin would rise to at least $170,000 after the next halving, and he posted on X, "Max Keiser's implication is that Qatar may have added Bitcoin to its balance sheet. If true, we can only say thank you to Max Keiser!"
However, it should be noted that the evidence supporting this claim is indirect: Qatar Emir's private jet, the "Qatar Gulfstream G650ER," was found to have flown to Madeira Island in Portugal earlier this month to attend the Bitcoin Atlantis Conference (Foresight News note: the Emir is the head of state of Qatar and holds the highest authority in the country).
Amidst these speculations, experts believe that the idea of the Qatari government investing in Bitcoin is becoming increasingly credible. CoinDesk previously contacted the Qatar Investment Authority (QIA) for comment, and a QIA spokesperson remained silent on specific investment trends, reiterating their focus on blockchain technology rather than direct cryptocurrency investment.
Talal Tabbaa, CEO of the Qatar-based cryptocurrency exchange CoinMENA, emphasized in an interview that the landscape is changing, and even sovereign nations may consider Bitcoin as a viable component of their financial strategy:
"Given that BlackRock has bought over 200,000 bitcoins in the past six weeks, it is entirely reasonable for any government to consider a significant investment in Bitcoin."
Trustworthy Inferences Based on Digital Evidence
It is worth noting that the initial rumor of a $500 billion investment far exceeds the disclosed $475 billion asset under management of the Qatar Investment Authority (QIA), making the rumored BTC investment less likely.
In comparison, MicroStrategy holds approximately 205,000 bitcoins, valued at around $14 billion at the current price, but it took them several years to gradually accumulate this amount of Bitcoin. If Max Keiser's rumor is true, a $500 billion purchase would be extremely challenging operationally, as it would require a substantial volume seller for each purchase.
Imagine directly acquiring an asset share equivalent to 40% of the current total market value of Bitcoin would inevitably raise a series of significant issues, considering that even the largest cryptocurrency exchange, Binance, holds Bitcoin worth only about $14 billion.
However, as Tabbaa mentioned, speculative numerical amounts cannot be relied upon as a credible basis for potential Bitcoin investments, as we "cannot perceive, verify, or validate these numbers."
Mansoor bin Ebrahim Al-Mahmoud, CEO of the Qatar Investment Authority (QIA), publicly stated in 2022 that the fund has no interest in cryptocurrency investments. However, Tabbaa cautioned against interpreting the cautious regulatory stance as a complete opposition to all forms of digital asset investment, hinting at a possible difference between public regulatory positions and private investment strategies:
"The goal of financial regulatory bodies is to protect investors, while investment funds - whether sovereign or non-sovereign - are seeking returns. In this case, purchasing Bitcoin makes sense."
Cryptocurrency Regulation in Qatar
As of now, Qatar has not legalized cryptocurrency, and the Qatar Central Bank previously declared Bitcoin trading illegal due to volatility, potential financial crime risks, and lack of underlying asset support. Qatari officials have repeatedly emphasized the need to safeguard the financial system and maintain economic stability.
However, Qatar is also working to establish a complex regulatory framework for digital assets, focusing on investment tokens anchored to physical assets. It is important to note that this framework currently does not include stablecoins, central bank digital currencies (CBDCs), and other forms of cryptocurrencies.
Tabbaa stated that despite Qatar's cautious regulatory approach, the Middle East and North Africa (MENA) region, led by the UAE and Bahrain, are actively positioning themselves as "global cryptocurrency centers." The Dubai Virtual Asset Regulatory Authority (VARA) is the world's first independent cryptocurrency regulatory body, and Abu Dhabi is also promoting the development of Bitcoin mining operations in the region.
"While the US has taken a major step by launching a Bitcoin ETF, I remain very optimistic about the growth of digital assets in the MENA region."
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