US$500 billion invested in BTC. Has Qatar’s national sovereign fund also made a move?

Author: Lorna Blount, CoinDesk;Compiled by: Frank, Foresight News

Recently, rumors about Qatar’s sovereign wealth fund investing heavily in Bitcoin have surfaced again.

At the important juncture when Bitcoin broke through the historical high of $69,000, on-chain analysts noticed thata person holding more than 50,000 Bitcoins (worth A new address that exceeded $3.5 billion) was nicknamed "Mr 100" because it purchased 100 Bitcoins per day several times within a few weeks.

Many speculated that this could be Qatar seeking to diversify its sovereign wealth fund portfolio, or a mysterious billionaire. Or maybe a bank is planning to launch a spot Bitcoin ETF and accumulate BTC in advance.

$500 billion invested in BTC?

The rumor that "Qatar's sovereign wealth fund will invest US$500 billion in BTC" originally originated from a message posted by Bitcoin maximalist Max Keiser in December 2023 tweet, whichclaims that the Qatar Investment Authority (QIA) may invest $500 billion in Bitcoin.

Max Keizer, previously known for his involvement in El Salvador’s Bitcoin investment strategy, suggested that the market would be greatly affected by this tweet. The statement sparked heated discussions on X, boosting the price of Bitcoin.

He also said on X: "For those who believe that Bitcoin will rise to $100,000, I have only one word to say - Qatar , the rumors about them are becoming more and more true, and it is reported that their sovereign wealth fund is considering buying $500 billion in Bitcoin.”

SkyBridge Capital founder and CEO Anthony Scaramucci then responded to Keizer’s latest tweet and added fuel to the fire: “It’s happening. !!!」

Anthony Scaramucci just predicted that Bitcoin will be halved next month. It will later rise to at least $170,000. He posted on X, "The implication of Max Keiser is that Qatar may have added Bitcoin to its balance sheet. If this is true, we can only say a word to Max Keiser." Thank you!"

But it should be noted that the evidence supporting this statement is indirect evidence:The private jet of the Emir of Qatar "Qatar Gulfstream G650ER", Earlier this month, he was spotted flying to the Bitcoin Atlantis conference in Madeira, Portugal (Foresight News notes that the Emir is the head of state of Qatar and holds the highest power in the country).

Amid this speculation, experts believe that Qatar’s government-level investment in Bitcoin is becoming increasingly credible. CoinDesk reached out to the Qatar Investment Authority (QIA) for comment, and a QIA spokesperson remained mum on specific investment developments andreiterated their focus on blockchain technology rather than direct cryptocurrency investments.

Talal Tabbaa, CEO of Qatar’s regional cryptocurrency exchange CoinMENA, emphasized in an interview that the landscape is changing, and even sovereign states may Consider Bitcoin a viable component of its financial strategy:

"Given that BlackRock has bought over 200,000 Bitcoins in the past six weeks currency, then it is completely reasonable for any government to consider investing a large amount of funds in Bitcoin.”

Trusted inference based on the numerical level

It is worth noting thatInitially The rumored investment of US$500 billion actually far exceeds the US$475 billion in assets under management disclosed by the Qatar Investment Authority (QIA),which also makes this rumored BTC investment unlikely.

For comparison, MicroStrategy holds about 205,000 Bitcoins, estimated to be worth about $14 billion at current prices, but it took them several years to gradually accumulate them With so much Bitcoin, if Max Keiser’s rumors are true, then a $500 billion purchase would be extremely difficult at an operational level, because each purchase requires a large seller.

Imagine,If we really directly acquire an asset share equivalent to 40% of Bitcoin’s current total market value, it will inevitably cause a series of obvious problems

strong>, you must know that Binance, the world's largest cryptocurrency exchange, holds only about US$14 billion in Bitcoin.

However, as Tabbaa said, speculative dollar figures alone cannot be relied upon as a reliable basis for potential Bitcoin investments. We "cannot sense, verify or verify these numbers." ”.

Qatar Investment Authority (QIA) CEO Mansoor bin Ebrahim Al-Mahmoud publicly stated in 2022 that the fund had no interest in cryptocurrency investment. However, Tabbaa warned against viewing regulatory caution as outright opposition to all forms of digital asset investment, and suggested there may be a distinction between public regulatory stances and private investment strategies:

"Financial regulators aim to protect investors, while investment funds - whether sovereign or non-sovereign, are looking for returns, and buying Bitcoin makes sense in this context."

The current status of crypto regulation in Qatar

As of now, Qatar has not legalized cryptocurrencies. Previously, Qatar’s central bank made Bitcoin transactions illegal due to volatility, potential financial crime risks, and lack of underlying asset support, and Qatari officials have repeatedly emphasized the need to protect the financial system and maintain economic stability.

However, Qatar is also working to establish a complex regulatory framework for digital assets, focusing on investment tokens anchored in real assets. Things to note Yes, the framework does not currently include stablecoins, central bank digital currencies (CBDCs) and other forms of cryptocurrencies.

Tabbaa said thatdespite Qatar’s cautious regulatory approach, the Middle East and North Africa (MENA) region, led by the UAE and Bahrain, is actively Taking steps to position itself as a “global cryptocurrency hub.” Among them, Dubai’s Virtual Asset Regulatory Authority (VARA) is the world’s first independent cryptocurrency regulatory agency, and Abu Dhabi is also promoting the development of Bitcoin mining operations in the region.

"The United States may have taken the biggest step forward by launching a physical Bitcoin ETF, but I am still very optimistic about the growth of digital assets in the MENA region" .