Bitcoin has reached an all-time high, leading some traders to speculate that Gulf oil money from countries such as Saudi Arabia, UAE, or Qatar may be behind the rally. There is a rumor that these petrostates might be buying bitcoin at a sovereign level, with some speculators believing they will announce their purchases at a major conference in Abu Dhabi in December. The possibility of Saudi money flowing into bitcoin is particularly interesting as the market capitalization of bitcoin has exceeded that of Saudi Aramco, the world's largest oil company. UAE and Qatar are also potential investors due to their vast oil wealth and previous speculation about their involvement in bitcoin.



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