Opinion: Gulf Countries Such as Saudi Arabia and the UAE May Have Entered the Bitcoin Buying Zone

BlockBeats News, November 14th, According to Protos citing market reports, Gulf oil-producing countries such as Saudi Arabia, the UAE, or Qatar may be purchasing Bitcoin at a sovereign level. The relevant sovereign wealth funds may disclose related news during the Abu Dhabi Bitcoin Summit on December 9th to 10th. Currently, the total assets under management of Saudi PIF, UAE ADIA, and Qatar QIA have exceeded $2 trillion.

The report points out that with Bitcoin's total market cap surpassing that of the world's largest oil company, Saudi Aramco, Saudi Arabia, as the largest oil-producing country in the Gulf region, is receiving significant attention. As the largest sovereign wealth fund holder globally, the investment trends of Gulf oil-producing countries will have a significant impact on the global crypto asset market. Additionally, as the host of the upcoming Bitcoin summit, the UAE is also believed to potentially participate. Furthermore, there have been ongoing market rumors that Qatar may also engage in sovereign investment.