- Speculation mounts on a sovereign nation quietly stacking Bitcoin.
- Rumors grow louder that Qatar has amassed a BTC fortune.
- Bitcoin’s strength has caught many off guard.
Edward Snowden recently set the crypto world abuzz by predicting that a sovereign nation would disclose secret Bitcoin holdings this year. Speculative frontrunners in this speculative scenario included Russia, Saudi Arabia, and Iran. However, recent rumblings now suggest the wealthy Gulf nation of Qatar may have a $3 billion orange-colored skeleton in the closet.
Rumors Swirl Qatar Is Stacking Bitcoin
As noted by Zero Hedge, on-chain data showed a mysterious wallet has stacked over $3 billion worth of Bitcoin since the local bottom in November 2022. The mysterious buyer has purchased around 100 BTC daily post-FTX implosion to accumulate a not insignificant 51,164 BTC holding, valued at approximately $3.3 billion at the current price.
Given the scale of resources needed to pull off such an audacious buying spree, thoughts turn to the identity of the mystery buyer. Zero Hedge stated that the US ETF providers had been ruled out, as all ETF providers had already disclosed their wallet addresses.
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Many are putting two and two together to speculate that Qatar is behind the mysterious Bitcoin buys. Skybridge founder Anthony Scaramucci was among the proponents of this theory, having had the seed planted by Max Keiser.
While that is not hard evidence of anything, goings on at the Bitcoin Atlantis conference over the weekend seem to support the speculation. As noted by YouTuber Crypto Rover, a private jet bearing the Qatar Airways logo was spotted in Madeira at the Bitcoin Atlantis conference.
Bitcoin Atlantis ran from March 1-3 and featured presentations from some of the biggest names in Bitcoin, including Michael Saylor, Jack Dorsey, and Jack Mallers. In May 2022, the Madeiran president Miguel Albuquerque announced his support to turn the island nation into a BTC hub, including zero capital gains tax on BTC transactions.
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With the conference in Madeira coming to a close, Bitcoin continues moving higher and is currently at the cusp of re-testing its all-time high price.
BTC Shows Strength
Bitcoin mania is reaching a fever pitch as the cryptocurrency topped $66,300 on Monday, marking a 121-week high just 4% shy of its $69,000 all-time high set in November 2021.
Commenting on the euphoria, Messari co-founder Dan McArdle highlighted the unusualness of the situation by stating that BTC has only spent five days above the current lofty price level.
Yet the strength Bitcoin has exhibited so early in its new bull cycle has caught many off-guard. Influencer “Ansem” tweeted his over 200,000 followers, asking if anyone else is in disbelief at the current price action, adding that he is “scared” of where this rally goes and what it could mean for investors.
On the Flipside
- Bitcoin’s volatility and lack of a unified regulatory framework make it a risky asset for sovereign reserves.
- Covert Bitcoin buys by a nation could provoke a backlash from global entities invested in the legacy system.
Why This Matters
Whether the rumors prove true or not, the mere speculation surrounding Qatar’s potential Bitcoin buys underscores the growing significance of cryptocurrencies on the global stage. A major sovereign wealth fund’s open embrace of Bitcoin catalyzes broader mainstream acceptance. For Bitcoin itself, such an endorsement would represent a watershed moment in its journey toward legitimacy.
Read about Bitcoin’s continued strength on its way to retesting $69,000 here:
Bitcoin Breaches $65K in Wild Rally to All-Time High Levels
Find out more on Peter McCormack’s unshakeable belief in Bitcoin here:
