Bitcoin is rumored to be the target of a $500 billion bet by a sovereign wealth fund based in Qatar

The cryptosphere is abuzz with speculation that the sovereign wealth fund of Qatar is about to pour half a trillion dollars into bitcoin (BTC). The rising popularity of Bitcoin as an asset class and the possibility of enormous returns are presumably the driving forces behind the investing decision.

The unverified report follows Bitcoin’s Monday price surge beyond $42,000, which boosted hopes for a potential Bitcoin spot exchange-traded fund (ETF) clearance in the United States.

Bitcoin maximalist Max Keiser claims that the QSWF, the government entity in charge of the management of Qatar’s enormous oil and gas riches, is planning to spend up to $500 billion on the leading cryptocurrency, bitcoin.

By an astounding 671 times, this investment will be much larger than the publicly known Bitcoin holdings of Michael Saylor’s company, MicroStrategy. After purchasing 174,530 BTC in November, MicroStrategy became the biggest corporate holder of Bitcoin at present.

Notably, Keiser thinks that the enormous investment by QSWF will cause the price of bitcoin to soar above $100,000.

An historic step toward widespread institutional investment in cryptocurrency would be the entry of Qatar’s sovereign wealth fund into the bitcoin market.

Bitcoin supporter Luke Broyles commented on the rumor, bringing attention to the important aspect of Bitcoin supply and demand. Broyles brought up the fact that there are still crypto exchanges with BTC worth $76 billion. Then he goes on to stress the inflexible supply concept of Bitcoin, which means that any large investment would drive prices up.

Because Broyles would “be shocked if remotely true,” he believes the Qatar story to be little more than a rumor. His other crypto analysts concurred, pointing out that the $475 billion Qatar sovereign wealth fund isn’t going to pour all of that money into Bitcoin.

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