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.
Según Pal, Temasek which holds about $306 mil millones en activos bajo gestión, 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) marzo 25, 2021
En efecto, 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 to hedge their dollar-denominated liabilities.
Según Gutmann, investors are re-evaluating their portfolios, agregando:
“Si miras el mundo de hoy en el futuro, es razonable preguntarse a sí mismo como comité de inversiones o como comité de asignación [si] tener todo de [sus] activos denominados en dólares frente a pasivos denominados en dólares es la combinación de asignación correcta ".
Back in August 2020, upon announcing its first Bitcoin purchase, MicroStrategy CEO Michael Saylor touched on the long-term value of BTC vis-à-vis the depreciating value of cash over time.
A principios de marzo, Russ Koesterich, portfolio manager at BlackRock’s Global Allocation Fund characterized gold’s status as an inflation hedge as being exaggerated.
Bitcoin is currently down 8% sobre el último 24 hours in what is likely an upside price dislocation given the significant decline in the volume of Bitcoin held on exchanges. Despite the current drop, BTC is still up about 78% El año hasta la fecha.
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