Bitcoin Recovery: This Massive $500 Billion Investment Could Send Price Above $50,000
23 Enero 2024 - 1:00PM
NEWSBTC
Previous speculation has resurfaced regarding one of the largest
potential Bitcoin buy-ins in the history of cryptocurrency.
According to crypto analyst Justin Verrengia, there are indications
that Saudi Arabia and Qatar may be gearing up for an enormous
Bitcoin purchase, with an official announcement anticipated in the
coming week. Saudi Arabia, Qatar Rumored To Purchase 1
Million BTC In a recent video published on X (formerly Twitter),
Verrengia, the host of the popular crypto channel Crypto News Alert
spoke on the recent rumors sparked by crypto analyst Mark Keiser
regarding a potential large-scale Bitcoin purchase by Middle
Eastern country Saudi Arabia and sovereign state Qatar.
Related Reading: JP Morgan Reveals Likelihood Of Spot Ethereum ETFs
Getting Approved The crypto analyst disclosed that both governments
are potentially considering purchasing about 1 million Bitcoins
valued at around $500 billion. Verrengia compared the large-scale
buy-in with the 1.1 million BTC held in the wallet address owned by
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 showcased several X posts from Bitcoin maximalist, Mark
Keiser, who has been spreading speculations about the possibility
of a large-scale Bitcoin purchase by Saudi Arabia and Qatar since
2023. Keiser suggested in his posts that the potential 1
million BTC investment by these two governments could make asset
management company BlackRock and crypto intelligence company
Microstrategy “look like peanuts” in comparison. The crypto
analyst also disclosed that Saudi Arabia may be expanding its
interest toward digital currencies. This shift can be seen in the
recent partnership between the largest oil company in Saudi Arabia,
Saudi Aramco, and Japanese financial service, SBI Holdings.
Verrengia has heralded this movement as “oil money entering
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 post by Keiser, who predicted a
$100,000 god candle if Saudi Arabia and Qatar purchase the 1
million BTC. A god candle here suggests a unique price pattern
where the price of Bitcoin shoots upward by 100%, pushing it to new
all-time highs. Related Reading: How To Buy, Sell, And Trade
Tokens on The Polygon Network Presently, the price of Bitcoin is
trading around $38,966.81, reflecting a 9.01% decrease in the past
seven days, according to CoinMarketCap. A purchase of 1 million BTC
would represent a substantial chunk of the total BTC supply,
effectively attracting the attention of institutional investors.
This could potentially trigger a Fear of Missing Out (FOMO),
driving demand for Bitcoin through the roof and sending Bitcoin’s
price above $50,000. In 2023, the hype surrounding the
approval of Spot Bitcoin ETFs pushed Bitcoin’s price to a record
high above $49,000. A similar result to the coveted $50,000 price
mark could be attained if Saudi Arabia and Qatar purchase the
rumored 1 million BTC. Featured image from Reuters, chart from
Tradingview.com
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