Taking to X on December 4, Mike Alfred, who claims to be an “engaged value investor and board director,” said there have been rumors suggesting that Bitcoin (BTC) traders are facing increased competition from “Qatar’s sovereign wealth fund and other Middle Eastern investors.”
Rising Bitcoin Interest From Qatar And The Middle East?
While the rumor has not been confirmed or denied, Alfred also claimed that Bitcoin is increasingly perceived as the “new oil,” considering its potential to disrupt traditional financial systems and reshape the global economy. As the crypto market surges due to events in the United States, Bitcoin has been rallying and trading at early Q2 2022 levels, around 2023 highs.
Looking at the Bitcoin candlestick arrangement in the daily chart, Bitcoin is at the forefront, reversing losses and helping inject capital into crypto. Thus far, the broader crypto market cap is up 2.70% in the last 24 hours to over $1.5 trillion. At spot rates, BTC is up roughly 170% from its 2022 lows and is firm, reversing last year’s losses.
It is not immediately clear what could have caused a shift and encouraged Qatar and Middle East investors to consider Bitcoin in their multi-trillion funds. However, what’s evident is that as institutions and countries pick out Bitcoin as a suitable hedge against inflation and an alternative to gold as a store of value, the extra capital will likely pump BTC to new levels, even above 2021 highs of around $70,000.
As it is, the expected approval of multiple Bitcoin ETFs by the US Securities and Exchange Commission (
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Author: Dalmas Ngetich
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