Bitcoin maximalists like Max Keiser have spread rumors of a $500 billion BTC purchase by Qatar, which would be larger than the sovereign fund's current holdings.
During the cryptocurrency’s ride up to an all time high of $69,000, analysts noticed a new wallet holding more than 50,000 BTC .
Obvious questions arise regarding the prospect of even being able to acquire what amounts to about 40% of Bitcoin’s current total market cap. The world’s largest wallet, owned by world’s largest crypto exchange, Binance, holds only about $14 billion worth of BTC. “Financial regulators aim to protect investors, while investment funds, whether sovereign or non-sovereign, are looking for return and it would make sense to buy Bitcoin in that case,” Tabbaa said.Cryptocurrency has not been legalized in Qatar. The Central Bank of Qatar has made trading Bitcoin illegal due to its volatility and alleged potential for financial crime and lack of underlying assets. Officials cite the need to safeguard the financial system and ensure economic stability.