Sovereign wealth funds may soon become the upcoming key investors to enter the Bitcoin domain.
As per Robert Gutmann, CEO of New York Digital Investment Group, NYDIG has been having dialogues with sovereign wealth funds about achievable BTC investments.
Gutmann disclosed the aforementioned development while appearing at a virtual podcast with Raoul Pal, the renowned investment strategist and founder of Real Vision.
Furthermore, Paul confirmed Gutmann’s disclosure, mentioning that Singapore’s sovereign wealth fund Temasek was certainly a Bitcoin investor.
As per Paul, Temasek which holds around three hundred and six billion dollars in assets under management, has been purchasing virgin Bitcoin from crypto miners.
In a recent tweet , Paul distinguished the approaching ingress of sovereign wealth funds into the crypto domain as a “wall of money.”
As per Gutmann, investors are re-evaluating their portfolios. He said:
“If you look at the world today on a forward basis, it is reasonable to be asking yourself as an investment committee or as an allocation committee [if] having all of [their] assets denominated in dollars against dollar-denominated liabilities is the right allocation mix.”
At the time of reporting, BTC is changing hands at 52549 USD a pop with a market cap of around 974 Billion USD. It is down by around 2 percent in the last 24 hours.
Image by Capri23auto from Pixabay
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