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Bitcoin will soon welcome government investment, NYDIG CEO says

Published 03/26/2021, 06:31 PM
Updated 03/26/2021, 07:00 PM
© Reuters.  Bitcoin will soon welcome government investment, NYDIG CEO says
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The CEO of New York Digital Investment Group (NYDIG), Robert Gutmann, has revealed that governments through sovereign wealth funds may be the next to invest in Bitcoin.

Gutmann made the disclosure during a virtual podcast session with investment strategist and founder of Real Vision Raoul Pal. According to the CEO, his firm has been having discussions with sovereign wealth funds on possible Bitcoin investments.

Pal corroborated Gutmann’s assertions, stating that Temasek, a Singaporean sovereign wealth fund had invested in Bitcoin. Pal further revealed that the holding company, who has about $306 billion in assets under management, had been buying Bitcoin from miners. Pal described the move from this class of investors as a “wall of money.”

There have been speculations that governments would take a cue from publicly-listed firms like MicroStrategy and Tesla (NASDAQ:TSLA) that have embraced the flagship cryptocurrency by investing billions of dollars in it.

MicroStrategy’s Michael Saylor had earlier voiced a similar view. In his case, he claimed that the move was inevitable.

I think you see the existing hedge fund players double down, triple down… I think it’s inevitable that you’ll see the sovereign wealth funds. They have to move, I mean, they have infinite money.

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