Bitcoin has seen its Donald Trump-induced price rally stall in recent weeks despite Trump advisor and Tesla billionaire Elon Musk sparking a potential Federal Reserve crisis.
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The bitcoin price is hovering at just under $100,000 per bitcoin, falling back after coming within touching distance of $110,000 after a Coinbase executive reveals a surprise Satoshi Nakamoto bombshell.
Now, as Wall Street giant Goldman Sachs quietly confirms it’s buying into bitcoin, Abu Dhabi’s sovereign wealth fund has revealed it’s betting on bitcoin, kicking off a global adoption “race” as Trump’s crypto czar David Sacks teases an “important” announcement.
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U.S. president Donald Trump’s crypto czar has teased an “important” announcement as Abu Dhabi’s … [+]
Abu Dhabi’s $1 trillion sovereign wealth fund purchased $436 million worth of BlackRock’s spot bitcoin exchange-traded fund (ETF) during the final quarter of last year, according to a regulatory filing.
BlackRock led a campaign to get a spot bitcoin ETF approved in the U.S. through 2023, with a fleet of bitcoin funds making their debut in January 2024 before surging to become some of the fastest growing ETFs of all time.
U.S. spot bitcoin ETFs broke $100 billion in net assets for the first time in November, led by BlackRock’s $60 billion iShares Bitcoin Trust (IBIT), giving those holding it exposure to its near-600,000 bitcoin.
In recent months, rumor and speculation has swirled that countries and their wealth funds are secretly buying bitcoin, helped by explosive comments from BlackRock’s chief executive in January.
“Only scratching the surface, buckle up,” David Bailey, the chief executive of Bitcoin Magazine publisher Bitcoin Inc who advised the Trump election campaign on bitcoin strategy and organzied Trump’s July appearance at a bitcoin conference where he first promised to create a bitcoin strategic reserve, posted to X.
“Abu Dhabi has gone in much bigger than today’s filing,” Bailey added. “There’s a couple other GCC members that are making moves too,” referring to the Gulf Cooperation Council that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and Abu Dhabi’s United Arab Emirates.
“I told you the race was on,” bitcoin-backing U.S. senator Cynthia Lummis posted to X in response to Abu Dhabi ‘s filing. “It’s time for America to win.”
Lummis, a Republican senator from Wyoming, last year introduced The Bitcoin Act to Congress, calling for the creation of a strategic bitcoin reserve to reduce the U.S.’s spiraling, near-$36 trillion national debt by buying 1 million bitcoin over five years.
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The bitcoin price has rocketed to an all-time high of almost $110,000 since Donald Trump’s U.S. … [+]
Meanwhile, Donald Trump’s crypto czar David Sacks has teased “important announcements are coming soon” after confirming the Trump administration is exploring the feasibility of a national reserve of bitcoin, similar to the U.S.’s oil and gold reserves.
“That is one of the first things we’re going to look at as part of the internal working group in the administration,” Sacks said of a potential bitcoin reserve at a press conference earlier this month.
Sacks has posted to X that “the inter-agency working group on digital assets is working well together to implement the president’s agenda.”
