Previous speculation has resurfaced about one of the largest potential Bitcoin buy-ins in cryptocurrency history. According to crypto analyst Justin Verrengia, there are indications that Saudi Arabia and Qatar may be gearing up for a massive Bitcoin purchase, with an official announcement expected in the coming week.
Saudi Arabia and Qatar are reportedly buying 1 million BTC
In a recent video published on X (formerly Twitter), Verrengia, the host of the popular crypto channel Crypto News Alert spoke about crypto analyst Mark Keizer’s recent rumors about a possible large-scale Bitcoin purchase by Saudi Arabia from the Middle East and the sovereign state of Qatar.
The crypto analyst revealed that both governments may consider purchasing around 1 million Bitcoins worth around $500 billion. Verrengia compared the large-scale buy-in to the 1.1 million BTC on the wallet address of the pseudonymous Bitcoin creator Satoshi Nakamoto. He hinted that Saudi Arabia and Qatar may be planning to purchase this staggering sum of Bitcoin using their sovereign wealth funds.
In his video, Verrengia showed several X-posts from Bitcoin maximalist Mark Keiser, who since 2023 has been spreading speculation about the possibility of a large-scale Bitcoin purchase by Saudi Arabia and Qatar.
Emperor suggested in his reports that the potential investment of 1 million BTC by these two governments could lead the asset management company BlackRock and the crypto intelligence company Microstrategy “look like peanuts” in comparison.
The crypto analyst also announced that Saudi Arabia may be expand his interests towards digital currency. This shift can be seen in the recent partnership between Saudi Arabia’s largest oil company, Saudi Aramco, and Japanese financial services firm SBI Holdings. Verrengia has heralded this move as “oil money coming into Bitcoin.”
BTC price falls to $38,000 | Source: BTCUSD on Tradingview.com
Bitcoin price sees potential rise above $50,000
In his video, Verrengia also shared a message from Keizer, who predicted a $100,000 fortune if Saudi Arabia and Qatar bought the 1 million BTC. A god candle here suggests a unique price pattern where the price of Bitcoin skyrockets by 100%, driving it to new all-time highs.
Currently the price of Bitcoin is trading around $38,966.81, reflecting a decline of 9.01% over the past seven days, according to CoinMarketCap. A purchase of 1 million BTC would represent a substantial portion of the total BTC supply, effectively capturing the attention of institutional investors. This can potentially lead to a Fear of Missing Out (FOMO), boosting demand for Bitcoin going through the roof and pushing the price of Bitcoin above $50,000.
In 2023 the hype was around the approval of Spot Bitcoin ETFs pushed the price of Bitcoin to an all-time high of over $49,000. A similar result to the coveted $50,000 prize could be achieved if Saudi Arabia and Qatar purchased the rumored 1 million BTC.
Featured image from Reuters, chart from Tradingview.com
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