Bitcoin Surges Past $93,000 Amid Speculation of Gulf Sovereign Investments

Bitcoin just hit over $93,000 today, setting another all-time high. Traders are buzzing with speculation that Gulf oil money might be driving this incredible rally.

This week, rumors started flying that countries like Saudi Arabia, the UAE, or Qatar could be buying bitcoin at a sovereign level. Some think we might hear official announcements at a major conference in Abu Dhabi soon.

BTC Inc. is organizing this event. They previously hosted Bitcoin 2024 in Nashville, and now they’re gearing up for a satellite conference in Abu Dhabi on December 9-10.

David Bailey, the conference host and CEO of Bitcoin Magazine, has made headlines before. He arranged for President-elect Donald Trump to speak at Bitcoin 2024. Today, he tweeted that the U.S. needs to speed up its bitcoin strategy and set up a Strategic Bitcoin Reserve (SBR) quickly.

Many supporters hope he can also secure attendance from key figures like Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan of the UAE, or Qatar’s Emir, Tamim bin Hamad Al Thani.

Investors are talking a lot about the possibility of Saudi money flowing into bitcoin. After all, Saudi Arabia is the largest petrostate in the Gulf. It’s also in the spotlight since bitcoin's market cap recently surpassed that of Saudi Aramco, the world’s biggest oil company.

And let’s not forget about the UAE. Its vast oil wealth and the upcoming Bitcoin conference in Abu Dhabi make it a strong candidate for investment.

Qatar is also often mentioned in discussions about sovereign investment in bitcoin. There’s been renewed chatter in recent weeks about their potential involvement.