According to BlockBeats, there are reports suggesting that Gulf oil-producing nations such as Saudi Arabia, the United Arab Emirates, and Qatar may be purchasing Bitcoin at a sovereign level. This development is anticipated to be officially disclosed during the Abu Dhabi Bitcoin Summit, scheduled for December 9-10. The sovereign wealth funds of these countries, namely Saudi Arabia's Public Investment Fund (PIF), the Abu Dhabi Investment Authority (ADIA), and Qatar Investment Authority (QIA), collectively manage assets exceeding $2 trillion.
The report highlights that Bitcoin's total market capitalization has surpassed that of Saudi Aramco, the world's largest oil company, drawing significant attention to Saudi Arabia as the largest oil producer in the Gulf region. The investment strategies of these Gulf nations, which hold some of the world's largest sovereign wealth funds, are expected to have a substantial impact on the global cryptocurrency market. As the host of the upcoming Bitcoin conference, the UAE is also considered a potential participant in this investment trend. Additionally, there have been ongoing market rumors suggesting that Qatar might also engage in sovereign investments in Bitcoin.
