Rumors are spreading like wildfire across the crypto grapevine that the state of Qatar could be making a huge, possibly multibillion-dollar huge, Bitcoin (BTC) bet soon.
At least one article claims the Middle Eastern nation may have already made the leap and purchased 50,000 BTC in a series of daily installments of 100 BTC each.
As yet, there is no substantial evidence tying the Emir of Qatar or the state’s Sovereign Wealth Fund, the Qatar Investment Authority (QIA), to a giant Bitcoin investment, although rumors have tended that way since December.
Still, there are only a few explanations for the mysterious case of the “Mr 100,” and in any case, one thing is clear: there is some hefty whale movement around Bitcoin between the successful launch of 11 spot Bitcoin ETFs back in January and the upcoming halving on April 19, a quadrennial event that halves miners’ Bitcoin revenue and thereby the new supply.
Let’s get into why some people think Qatar’s Sovereign Wealth Fund is diversifying with Bitcoin.
Qatar’s Emir Warms To Bitcoin
The rumor mill began churning back in December last year when Bitcoin maxi influencer Max Keiser tweeted, “the rumors are getting very loud on this” while suggesting the QIA was possibly looking to buy half a trillion in Bitcoin.
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
A series of reports add weight to Kaiser’s claim that Qatar is becoming Bitcoin curious.
Firstly, people noted the warming relations between Qatari Emir Tamim bin Hamad Al Thani and El Salvador President and notorious Bitcoin bull Nayib Bukele. Bukele made Bitcoin legal tender in El Salvador back in 2021 and the country is speculated to have 5,689.68 BTC.
A picture also made the rounds on social media of Qatar’s Executive Gulfstream G650ER jet at an airport in Madeira, Portugal, a day after MicroStrategy executive chairman, co-founder and Bitcoin bull Michael Saylor’s talk at Bitcoin Atlantis. MicroStrategy is the largest institutional Bitcoin whale with an eye-watering 193,000 BTC on its balance sheet, about $13 billion today.
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
Still, institutions are banned from using Bitcoin in Qatar and have been since 2018, when the country’s Central Bank issued a circular to that effect to all the banks in the territory.