Qatar Sovereign Wealth Fund to invest in BTC

This is a big piece of news, if it is true the Qatari Sovereign Fund is looking into investing 500 Billion USD into Bitcoin. I mean such a huge influx of money into the system would make crypto prices explode, plus the way to mainstream would be so much more open. I bet a lot of people are already licking their chops. If this is true, Qatar would become the third country to endorse Bitcoin, after El Salvador and apparently Bhutan.

The main thing here is the phrase "if true", I have actually only seen this piece of news in crypto newsletters, nothing in the mainstream media. I know, mainstream is not to be trusted, but they do have to pick up on something like this, it is huge. You know, I live in Honduras, our GDP in real terms is about 30 Billion USD and in PPP it is between 60 and 90 Billion USD according to World Bank figures. either way this 500 Billion injection into BTC would represent say 8X the production of a 10 million inhabitant country, a poor country yes, but this is just to give an idea of what we are talking about.

Personally I do not believe this, not the Bitcoin part anyway. as you can see by the Coingecko info BTC's market cap is about 820 Billion USD, this includes every single Satoshi that has ever been mined, and we know a lot of that is lost forever. So my question, to make things simple, is, where does Qatar buy 500 Billion USD worth of Bitcoin? It just isn't available. Granted, with the current bull run, this market cap could multiply, but I guess the higher the price, the less someone would want to invest huge sums, especially a sovereign fund.

Of course I am no expert, and this is just the way I see it. Perhaps there are intricacies I do not know about, or that, in my naivety I fail to see.

Posted Using InLeo Alpha