Bitcoin

Rumors are circulating within the cryptocurrency space that Qatar’s sovereign wealth fund may have dabbled in investing in bitcoin, leading to the recent surge in the bitcoin unit price.Such a move, while still an unconfirmed speculation, would be indicative of the increasing recognition of Bitcoin as a mainstream asset class. At the time of writing, bitcoin stands at $44,000. That represents a 16% increase over the space of the past week and a 166% increase since the beginning of the year.<h2 id="header-0">Keiser’s claim</h2>According to outspoken Bitcoin advocate Max Keiser, Qatar’s sovereign wealth fund (QSWF), responsible for managing the nation’s significant oil and gas-generated wealth, is considering allocating up to $500 billion to the leading cryptocurrency.To provide context, this investment would eclipse the publicly disclosed bitcoin holdings of MicroStrategy, founded by Michael Saylor, by an astonishing 671 times. MicroStrategy currently holds the position of the largest corporate holder of Bitcoin, with 174,530 BTC acquired in November.Keiser speculates that the QSWF’s monumental investment could propel bitcoin’s price to new highs, reaching $100,000. Keiser <a href="https://x.com/maxkeiser/status/1731490328161505786?s&#61;20" rel="noopener noreferrer nofollow">tweeted</a>:“The God Candle, a $100,000 uptick in<a href="https://twitter.com/hashtag/Bitcoin?src&#61;hashtag_click" rel="noopener noreferrer nofollow"> #Bitcoin</a> is in play. It will shift the global axis of wealth and power in 1 tick.”Custodia Bank Founder and CEO Caitlin Long shared a similar <a href="https://x.com/CaitlinLong_/status/1732398890844819670?s&#61;20" rel="noopener noreferrer nofollow">view</a> on the X social media platform on Wednesday, pointing out that in September the Emir of Qatar had visited El Salvador and met with President Nayib Bukele. The inference is that it would have been an interest in bitcoin that may have provided the motivation for that visit, given that Bukele and El Salvador have adopted bitcoin as a sovereign currency.However, not everyone is on board with this theory. Some have <a href="https://x.com/BritishHodl/status/1732098269465964625?s&#61;20" rel="noopener noreferrer nofollow">pointed out</a> that the assertion that the QSWF will invest $500 billion into bitcoin is impossible, given that the fund has $475 billion under management.Bitcoin advocate Luke Broyles weighed in on the rumor, emphasizing the crucial interplay between bitcoin’s supply and demand. Broyles <a href="https://x.com/luke_broyles/status/1731912401736397098?s&#61;20" rel="noopener noreferrer nofollow">highlighted</a> the $76 billion worth of BTC still available on crypto exchanges, underscoring the fundamental principle of bitcoin’s fixed supply. According to Broyles, any substantial investment would inevitably drive prices higher.However, Broyles remains skeptical of the Qatar news, deeming it a rumor, and expressed shock if it proves remotely true. That view has led many back to the original speculation in relation to this most recent price action, the illusive bitcoin spot exchange-traded fund (ETF) approval in the United States.Some activity in recent days has suggested that BlackRock, the world’s largest fund manager, has been doing <a href="https://decrypt.co/208672/blackrock-bitcoin-etf-seed-funding" rel="noopener noreferrer nofollow">preparatory work</a> for the launch of its iShares Bitcoin Trust ETF. Not everyone was positive on the topic of Bitcoin on Wednesday, however. Jamie Dimon, the CEO of JPMorgan Chase, testified before the U.S. Congress on Wednesday, <a href="https://www.bloomberg.com/news/videos/2023-12-06/jamie-dimon-government-should-close-down-crypto" rel="noopener noreferrer nofollow">stating</a> “If I were the government I’d close [Bitcoin] down.”

Market speculates on Qatari investment driving bitcoin price surge

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