State-owned investment funds are reportedly making inquiries into buying Bitcoin (BTC).
According to Robert Gutmann, CEO of New York Digital Investment Group, the firm has been having conversations with sovereign wealth funds about possible Bitcoin investments.
Gutmann made this known while appearing at a virtual podcast with investment strategist and founder of Real Vision Raoul Pal.
Pal also confirmed Gutmann’s revelation, stating that Singapore’s sovereign wealth fund Temasek was indeed a Bitcoin investor.
According to Pal, Temasek which holds about $306 billion in assets under management, has been buying virgin Bitcoin from miners.
Tweeting on Thursday, Pal characterized the imminent entry of sovereign wealth funds into the Bitcoin space as a “wall of money.”
— Raoul Pal (@RaoulGMI) March 25, 2021
Indeed, since publicly-listed firms like MicroStrategy and Tesla began holding BTC on their balance sheets, there has been speculation about whether governments would follow suit.
Drawing parallels between the appeal of Bitcoin for public firms and sovereign wealth funds, Gutmann touched on the desire of institutional investors toTitle: Governments are looking to buy Bitcoin, NYDIG CEO confirms
Sourced From: cointelegraph.com/news/governments-are-looking-to-buy-bitcoin-nydig-ceo-confirms
Published Date: Thu, 25 Mar 2021 16:50:04 +0000