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Analyst Speculates Possible 1 Million BTC Purchase by Saudi Arabia and Qatar in the Coming Week

Updated: Feb 29

The governments of Saudi Arabia and Qatar are considering a substantial investment in Bitcoin, with a potential announcement anticipated in the upcoming week.

Bitcoin

Image by DC Studio in Freepik


Speculations about significant Bitcoin investments by the Saudi Arabian and Qatari governments, initially brought to attention by Bitcoin advocate Max Keiser, have gained widespread attention. Keiser's tweet, mentioned in a video, suggests that the planned Bitcoin investments from these two nations will surpass previous commitments made by major entities like BlackRock and MicroStrategy.


The shift towards Bitcoin as a primary cryptocurrency asset is linked to a Saudi cleric's proclamation that Bitcoin aligns with Islamic principles. Additionally, there are reports indicating a collaboration between Saudi oil giant Aramco and SBI Holdings in the digital asset space, further signaling a positive outlook for Bitcoin, as highlighted by the analyst Verrengia.


Simultaneously, another report suggests that the Qatari government is contemplating allocating approximately $500 billion from its sovereign wealth fund (SWF) into Bitcoin. Notably, these rumored investments align with the sentiments surrounding the launch of a spot Bitcoin exchange-traded fund (ETF) in the United States. The market is keenly watching for potential developments in this significant shift towards Bitcoin investments by these Middle Eastern nations.

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