Speculation is swirling once again about a possible significant Bitcoin purchase, potentially one of the largest in cryptocurrency history. Crypto analyst Justin Verrengia has raised the possibility that Saudi Arabia and Qatar may be preparing to acquire a massive amount of Bitcoin, with an official announcement expected in the near future.
Verrengia, host of the popular crypto channel Crypto News Alert, recently discussed the rumors surrounding a potential Bitcoin purchase by Saudi Arabia and Qatar. He revealed that both governments are contemplating buying approximately 1 million Bitcoins, which would amount to around $500 billion. Comparing this potential buy-in to the 1.1 million BTC held by Bitcoin creator Satoshi Nakamoto, Verrengia hinted that Saudi Arabia and Qatar might utilize their sovereign wealth funds for this monumental purchase.
Verrengia also highlighted posts by Bitcoin maximalist Mark Keiser, who has been fueling speculation about a large-scale Bitcoin purchase by Saudi Arabia and Qatar since 2023. Keiser’s posts suggest that an investment of 1 million BTC by these two governments could dwarf the holdings of asset management company BlackRock and crypto intelligence company Microstrategy.
According to the crypto analyst, Saudi Arabia is displaying an increased interest in digital currencies. This shift is evident in the recent partnership between Saudi Aramco, the largest oil company in Saudi Arabia, and Japanese financial service SBI Holdings. Verrengia considers this move as a sign that “oil money” is entering the realm of Bitcoin.
Verrengia shared Keiser’s prediction of a “god candle” with a price surge to $100,000 if Saudi Arabia and Qatar were to acquire the 1 million BTC. A “god candle” refers to a unique price pattern where Bitcoin’s price skyrockets by 100%, pushing it to new all-time highs.
Currently, Bitcoin is trading at around $38,966.81, experiencing a 9.01% decline in the past week. Purchasing 1 million BTC would constitute a significant portion of the total supply and could attract the attention of institutional investors. This could trigger a Fear of Missing Out (FOMO) scenario, driving up demand for Bitcoin and potentially pushing its price above $50,000.
In 2023, the hype surrounding the approval of Spot Bitcoin ETFs propelled Bitcoin’s price to a record high of over $49,000. If Saudi Arabia and Qatar were to follow through with the rumored 1 million BTC purchase, a similar result of reaching the coveted $50,000 milestone could be expected.
The possibility of Saudi Arabia and Qatar making a massive Bitcoin purchase has reignited speculation in the cryptocurrency community. The potential acquisition of 1 million BTC, valued at around $500 billion, by these Middle Eastern countries could have significant implications for Bitcoin’s price and the involvement of institutional investors. However, it is important to note that these rumors are purely speculative, and investors should always conduct thorough research and exercise caution before making any investment decisions.
Leave a Reply