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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.
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.”
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.
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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