Bitcoin Investments on Fire: That Oil-Rich Country May Have Added BTC to Its Coffers!

Anthony Scaramucci, the founder of Skybridge Capital, said in a recent tweet that Qatar will probably increase its reserves. Bitcoin (BTC) and thus become the first country in the Middle East stated. BTC price surpassed $64,000 again on Sunday, March 3, driven by strong buying activity.

News of Qatar’s interest in Bitcoin investments first emerged in September 2023, when Qatari Emir Tamim Bin Hamad visited El Salvador for talks on accepting BTC and other investment opportunities. As we reported as, there has been no official confirmation regarding Qatar’s BTC investments so far.

Additionally, Bitcoin maximalist Max Keiser has long maintained an interest in BTC, as he is a close colleague of El Salvador’s President Nayib Bukele. News spread quickly as the Emir of Qatar’s private jet, the Qatar Executive Gulfstream G650ER, was spotted in Madeira during the Bitcoin Atlantis conference. This event took place shortly after the conference, where MicroStrategy director Michael Saylor gave a historic speech.

However, the question everyone is wondering is exactly this. How will the price react when rich Middle Eastern countries like Saudi Arabia and Qatar start hoarding their oil money into Bitcoin? With a large amount of money being poured into the asset class, there is a possibility of a huge increase in price.

Institutions Accelerate Bitcoin Investment

In the last two months, newly launched Bitcoin ETFA large amount of corporate money inflow into ‘s attracted attention.

BlackRock Inc. iShares Bitcoin Trust (IBIT) and Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC) garnered 79% of total inflows, indicating they are leading among the “Newborn Nine” funds. On the other hand, the remaining seven funds chose to reduce their fees below the two leading funds.

Valkyrie Investments cut its fee nearly in half after SEC approval, from 0.49% to 0.25%. Similarly, Franklin Templeton reduced its management fee to 0.19%, a 10 basis point decrease. Notably, Bitwise remained the only fund that did not change its fee structure.

Last week, on February 28, the IBIT fund received $612 million in new investments, the highest single-day flow since its inception. It has also consistently attracted the majority of new streams over the past month. With the distribution network of the world’s largest fund manager, investors can potentially access better liquidity than many competitors.

source site-7