Saudi Arabian and Qatari governments reportedly plan to buy 1,000,000 Bitcoins 

Reportedly the Saudi Arabian and Qatari governments are planning to buy 1 million Bitcoins to add BTC to their portfolio.

Bitcoin (BTC), the top crypto asset by market, is currently trading at the trade price of $40,111 & this trade price is 18% higher over the last 3 months of trade price. In the last 12 months, Bitcoin trade price surged by nearly 100%. 

On 22 Jan 2024, A Crypto X (Twitter) user Justin Verrengia shared a very big information with his followers and said that the Saudi Arabian and Qatari governments are sizing up a huge Bitcoin investment.

For this big Bitcoin buy decision, they will announce it officially by next week and they will buy nearly 1 million Bitcoins, worth nearly $500 billion.

No one doesn’t know the reality of this information, whether Justin collected this information from the insiders close to this matter or he just imagined himself. 

Notably popular Bitcoin maximalist Max Keiser talked about similar things before Justin’s claim. Keiser said that two countries are planning to buy Bitcoin and their investment in Bitcoin will dwarf previous investments from giants such as BlackRock and MicroStrategy.

Alongside these reports & speculations, we can see that recently a Saudi cleric declared Bitcoin acceptable under Islam. After that, Verrengia referenced a report that Saudi oil giant Aramco had partnered with SBI Holdings to delve into the crypto & blockchain space. 

The speculations of the Qatari government’s plan for a $500 billion Bitcoin investment came after the approval of the Bitcoin spot ETF products in the United States by the US SEC body. 

As we know currently, 11 Bitcoin spot ETF products are available in the US and also all these ETF products can be purchased by almost any person in the world by using proper third party brokerage services. Here these Bitcoin-backed financial products are not only causing money inflow in the Bitcoin market but also spreading the popularity of the crypto & blockchain sector in the world in genuine ways & among those people who do not recognise digital assets as legal products.

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