Abdelrahman
In recent weeks, Bitcoin’s impressive price surge, fueled by Donald Trump’s influence, has hit a plateau.Even as Trump advisor and Tesla’s Elon Musk incites a possible crisis at the Federal Reserve.
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The price of Bitcoin is currently just shy of $100,000, having retreated from a high of nearly $110,000 following a Coinbase executive’s shocking revelation about Satoshi Nakamoto.
Currently, as Goldman Sachs quietly confirms its investment in Bitcoin, Abu Dhabi’s sovereign wealth fund has also entered the fray, intensifying a global adoption race, while Trump’s crypto advisor, David Sacks, hints at an upcoming “important” announcement.
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U.S. President Donald Trump’s cryptocurrency advisor has hinted at an upcoming significant announcement as Abu Dhabi’s … [+]
According to a recent regulatory filing, Abu Dhabi’s $1 trillion sovereign wealth fund invested $436 million in BlackRock’s spot Bitcoin exchange-traded fund (ETF) during the last quarter of 2024.
In 2023, BlackRock spearheaded efforts to secure approval for a spot Bitcoin ETF in the U.S., and by January 2024, a new array of Bitcoin funds was launched, quickly becoming some of the fastest-growing ETFs in history.
As of November, U.S. spot Bitcoin ETFs surpassed $100 billion in net assets for the first time, prominently led by BlackRock’s $60 billion iShares Bitcoin Trust (IBIT), which provides its investors with access to nearly 600,000 Bitcoins.
Recently, there has been buzz surrounding rumors that various nations and their sovereign wealth funds are secretly acquiring Bitcoin, fueled in part by remarkable statements from BlackRock’s CEO earlier this year.encouraged by revelations from BlackRock’s CEO in January.
“We are only beginning to uncover the potential here, so prepare yourselves,” stated David Bailey, CEO of Bitcoin Magazine, who has provided advice to Trump’s campaign on Bitcoin-related strategies and orchestrated Trump’s July appearance at a Bitcoin conference, where he first proposed the creation of a Bitcoin strategic reserve.posted on X.
“Abu Dhabi’s investment is just the beginning,” Bailey emphasized. “There are additional members from the Gulf Cooperation Council (GCC) that are making investments as well,” pointing to the collective of nations that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.
“I mentioned earlier that the race for Bitcoin investment is on,” declared U.S. Senator Cynthia Lummis, a supporter of Bitcoin, posted on X in reaction to the news from Abu Dhabi. “It’s crucial for America to come out on top.”
Last year, Lummis proposed The Bitcoin Act in Congress, advocating for a strategic national Bitcoin reserve to help alleviate the U.S.’s sizable nearly $36 trillion national debt through the acquisition of 1 million Bitcoins over five years.
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The price of Bitcoin surged to an unprecedented high of nearly $110,000 following Donald Trump’s election victory, as traders anticipated he would continue to drive the cryptocurrency market upward during his term.
In the meantime, David Sacks, Trump’s cryptocurrency advisor, has promised that “significant announcements will be unveiled soon” regarding the Trump administration’s interest in establishing a national Bitcoin reserve, akin to the U.S. reserves for oil and gold.
“This is one of our top priorities for the internal working group within the administration,” Sacks stated at a recent press conference.
Additionally, Sacks has shared on X that “the inter-agency working group focused on digital assets is collaborating effectively to advance the president’s agenda.”
