Is Qatar Really Ready To Spend $500 Billion On BTC?

We love Max, but sometimes he says things that don't share a close connection to reality.

TL;DR No.

A recent post on X by Bitcoin maximalist and evangelist Max Keiser has been doing the rounds. Keiser, a charismatic advocate for Bitcoin who is famous for his outspoken style and uber-bullish approach to BTC, is an influential character in the space. He is also known for hyperbole and making outlandish predictions.

In this instance, Keiser claims that Qatar's Sovereign Wealth Fund is looking into buying $500 billion in BTC.

This would translate to around 11 million BTC at current prices. Of course, "current prices" would be a thing of the past if someone dumped half a trillion dollars into BTC, since there are only 1.8 million BTC on exchanges, miners can only deliver a very limited amount (and no more than 1.5 million BTC before block rewards end), and the majority of BTC is now controlled by HODLers who aren't prepared to let go of it easily.

If Qatar, or anyone else, threw even a few billion dollars at bitcoin, the price would quickly soar past the all-time high and then some. A recent estimate suggests the "multiplier effect" is over 100x. That is, a billion dollars of demand raises the market cap by $100 billion.

Be Careful Of Rumors

Now, we love Max, we really do. It's hard not to love unashamed advocates for Bitcoin who successfully cruise those narrow waters that exist between absolute unselfconscious passion and cringeworthy obsession. There aren't many like him.

However, part of the territory is throwing out words that may, or may not, have any basis in reality. Forecasts of $220,000 by the end of 2021, for example, did not come to pass. And the rumors he spreads are often not backed up by other experts you might think would be in the know.

But even if Max is wrong, or making stuff up, or delusional, we still love him. And tweets like this one are the reason why.

Max, the crypto space is better with you in it. Never change.


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