Previous hypothesis has resurfaced concerning one of many largest potential Bitcoin buy-ins within the historical past of cryptocurrency. According to crypto analyst Justin Verrengia, there are indications that Saudi Arabia and Qatar could also be gearing up for an infinite Bitcoin buy, with an official announcement anticipated within the coming week.
Saudi Arabia, Qatar Rumored To Purchase 1 Million BTC
In a latest video printed on X (previously Twitter), Verrengia, the host of the favored crypto channel Crypto News Alert spoke on the latest rumors sparked by crypto analyst Mark Keiser concerning a possible large-scale Bitcoin buy by Middle Eastern nation Saudi Arabia and sovereign state Qatar.
The crypto analyst disclosed that each governments are doubtlessly contemplating buying about 1 million Bitcoins valued at round $500 billion. Verrengia in contrast the large-scale buy-in with the 1.1 million BTC held within the pockets handle owned by pseudonymous Bitcoin creator Satoshi Nakamoto. He hinted that Saudi Arabia and Qatar could also be planning to buy this staggering sum of Bitcoin utilizing their sovereign wealth funds.
In his video, Verrengia showcased a number of X posts from Bitcoin maximalist, Mark Keiser, who has been spreading speculations about the potential for a large-scale Bitcoin buy by Saudi Arabia and Qatar since 2023.
Keiser suggested in his posts that the potential 1 million BTC funding by these two governments might make asset administration firm BlackRock and crypto intelligence firm Microstrategy “look like peanuts” as compared.
The crypto analyst additionally disclosed that Saudi Arabia could also be expanding its interest towards digital currencies. This shift could be seen within the latest partnership between the most important oil firm in Saudi Arabia, Saudi Aramco, and Japanese monetary service, SBI Holdings. Verrengia has heralded this motion as “oil money entering Bitcoin.”
BTC worth falls to $38,000 | Source: BTCUSD on Tradingview.com
Bitcoin Price Sees Potential Rise Above $50,000
In his video, Verrengia additionally shared a publish by Keiser, who predicted a $100,000 god candle if Saudi Arabia and Qatar buy the 1 million BTC. A god candle right here suggests a novel worth sample the place the worth of Bitcoin shoots upward by 100%, pushing it to new all-time highs.
Presently, the price of Bitcoin is buying and selling round $38,966.81, reflecting a 9.01% lower prior to now seven days, in accordance with CoinMarketCap. A purchase order of 1 million BTC would symbolize a considerable chunk of the whole BTC provide, successfully attracting the eye of institutional buyers. This might doubtlessly set off a Fear of Missing Out (FOMO), driving demand for Bitcoin by means of the roof and sending Bitcoin’s worth above $50,000.
In 2023, the hype surrounding the approval of Spot Bitcoin ETFs pushed Bitcoin’s worth to a file excessive above $49,000. The same consequence to the coveted $50,000 worth mark could possibly be attained if Saudi Arabia and Qatar buy the rumored 1 million BTC.
Featured picture from Reuters, chart from Tradingview.com
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