The possibility of Qatar adding Bitcoin to its reserves and potentially becoming the first Middle Eastern nation to do so.
Anthony Scaramucci, the founder of Skybridge Capital recently tweeted that Qatar may have added Bitcoin (BTC) to its reserves. If this were to happen, Qatar would be the first Middle Eastern nation to do so.
During the robust buying activity in the cryptocurrency market on Sunday, March 3, the price of Bitcoin once again surpassed $64,000.
It was in September 2023 that the Emir of Qatar, His Highness Tamim Bin Hamad, arrived in El Salvador to engage in conversations regarding Bitcoin adoption and other investment potential.
Qatar Venturing Into Bitcoin
The recent news of Qatar actively looking into Bitcoin investments came to light for the first time. On the other hand, there is no official confirmation of the investments in Bitcoin that Qatar has made up to this point.
Max Keiser, a Bitcoin maximalist who is also a close ally of Nayib Bukele, El Salvador’s President, has been actively pursuing it for some time now.
During the Bitcoin Atlantis conference in Madeira, observers spotted the Qatar Executive Gulfstream G650ER, the private plane of the Emir of Qatar.
The news is gained momentum due to the sighting of the Qatar Executive Gulfstream G650ER, the private plane of the Emir of Qatar, in Madeira during the Bitcoin Atlantis conference.
This took place not long after Michael Saylor, director of MicroStrategy, delivered a keynote at the conference that was considered to be significant.
On the other hand, one question that everyone is asking is: what will happen to the price of Bitcoin (BTC) once wealthy Middle Eastern nations such as Saudi Arabia and Qatar begin to accumulate Bitcoins with their oil money?, Large sums of money may once again pour into the asset class.
We have seen that over the past two months, a significant amount of institutional capital has been pouring into the newly established Bitcoin exchange-traded funds (ETFs).
The iShares Bitcoin Trust (IBIT) from BlackRock Inc. and the Wise Origin Bitcoin Fund (FBTC) from Fidelity Investments have collectively garnered 79% of the total inflows within the “Newborn Nine” group of funds.
As a result, four of the other seven funds have decided to lower their fees to a level that is lower than those of the two top funds. After the SEC’s approval, Valkyrie Investments significantly reduced its fee, bringing it down from 0.49% to 0.25%, approximately half of the original amount.
Additionally, Franklin Templeton has reduced its management fee to a sector-low 0.19%, representing a drop of 10 basis points from its previous level. I want to inform you that Bitwise is the only fund in the group that has not altered its charge structure.
Last week, on February 28th, the IBIT fund secured fresh contributions totaling $612 million. The fund experienced its most significant single-day capital influx since its establishment.
Furthermore, throughout the preceding month, it has continuously been the source of the bulk of fresh flows at all times. When compared to many of their rivals, investors may have the opportunity to gain access to higher liquidity if they utilize the distribution network of the largest international fund manager, compared to many of their rivals.