The Qatar Investment Authority (QIA) serves as Qatar’s sovereign wealth fund. The QIA plays a major role in advancing the Qatar National Vision 2030. It is under the guidance of our Chairman, HH Sheikh Abdullah bin Hamad bin Khalifa Al Thani.
Overview of Qatar Investment Authority
QIA was established in 2005 by Emiri Decision No. 22 as an autonomous government investment entity. It commenced operations in early 2006. It is fully owned, and under the supervision of the Government of the State of Qatar, QIA operates with an independent legal identity and budget. The fund’s founding legislation allows for a clear separation of roles and responsibilities between the owner, governing body, and management.
QIA’s focuses on developing, investing, and managing state reserve funds and other assets entrusted to it. With the necessary capacity, authority, and expertise outlined in its founding legislation, QIA aims to fulfill its statutory responsibilities and achieve its objectives.
Qatar’s Sovereign Wealth Fund is popular for its prudent and strategic investment strategies. It often focuses on assets with long-term growth prospects. Hence, it is not shocking to hear that it was looking to invest in cryptocurrency.
Qatar’s Sovereign Wealth Fund Invests in Bitcoin
Late last year, there were speculations that Qatar’s Sovereign Wealth Fund (QSWF) showed interest in allocating $500 billion of its assets to Bitcoin. This move would have set the QSWF as the largest institutional investor in Bitcoin.
QSWF is estimated to be worth over $300 billion. According to reports, QSWF saw Bitcoin as a “strategic asset” that could boost portfolio performance. Also, it holds a hedge against inflation and currency devaluation. Additionally, QSWF perceives Bitcoin’s potential to turn into a “global reserve currency” that can increase cross-border transactions and foster financial inclusion.
Reports noted that there were daily purchases of 100 BTC, aggregating to over 50,000 BTC, valued at over $3.3 billion. Dubbed “Mr. 100,” speculation is rife regarding the entity behind these acquisitions.
Speculation gained momentum following a tweet by Bitcoin maximalist Max Keiser, hinting at a potential $500 billion investment by the Qatar Investment Authority (QIA) in Bitcoin. Keiser’s tweet triggered a social media frenzy.
Anthony Scaramucci of Skybridge Capital further stoked the speculation by corroborating Keiser’s assertions, suggesting that Qatar might have indeed integrated BTC into its balance sheet.
Although concrete evidence supporting these claims remains elusive, observations such as Qatar Executive Gulfstream G650ER jet’s attendance at a Bitcoin conference have intensified the speculation. Experts posit that government-level investments in Bitcoin are becoming increasingly plausible, particularly in light of recent moves by institutions like BlackRock, acquiring substantial quantities of BTC.
CoinDesk contacted the QIA to get confirmation. The QIA representatives were rather silent on particular investment decisions. They noted that they are more focused on blockchain technology than direct cryptocurrency investments.
Final Words
Cryptocurrency is still not legal in Qatar. The apex bank in the country made Bitcoin trading illegal. Hence, the reports of Qatar investing in Bitcoin are more of speculation.
