Global Sovereign Funds Begin to Layout Bitcoin
In an article a while ago, I wrote that Wall Street heavyweight Howard Marx recently changed his negative view of Bitcoin.
Recently, it has been reported that a heavyweight fund has begun to get involved in Bitcoin, which is the investment fund founded by financial tycoon George Soros --- Soros Fund Management (Soros Fund Management).
The investment fund is also investing in cryptocurrency infrastructure, investment banker Dawn Fitzpatrick, who heads the firm, said in an interview with Bloomberg on Thursday. And she believes that Bitcoin is "very interesting" and is no longer a "marginal asset." Snatched part of gold's buyer base.
I wrote in an earlier article that as institutional investors enter the market in batches, it will be a matter of time before governments enter the market to buy Bitcoin.
Earlier there were rumors that the Iranian government held bitcoins in order to circumvent US financial sanctions, hoping to use bitcoins for international trade; there were also rumors that the Venezuelan military was systematically participating in bitcoin mining.
Even if these two examples are true, in my opinion, they are not very convincing because of their special national conditions and marginalized countries.Therefore, I think that the truly convincing countries participating in the purchase of Bitcoin may get the next cycle in four years.
But things change sometimes far beyond our imagination.
New York Digital Investment Group (NYDIG) CEO Robert Gutmann said recently that the firm has been in talks with sovereign wealth funds about possible bitcoin investments. And the investment strategist and founder of another investment institution, Real Vision, Paul Pal (Raul Pal) confirmed Gutman's statement, saying that Singapore's sovereign wealth fund Temasek is an investor in Bitcoin and has been buying bitcoin from miners. Buy bitcoins.
Temasek is Singapore's national sovereign fund. Temasek can be seen in many major international projects, venture capital and my country's A-shares.
Singapore itself is an international financial center, so it must be extremely sensitive to the development and context of international finance. Last year, DBS Bank of Singapore obtained a national license to operate digital currency business.
Putting these together, I even think that Singapore issued a license to DBS Bank to make it easier for Temasek to get involved in Bitcoin investment.
Compared with the large-scale involvement of institutional investors in Bitcoin investment, the involvement of national sovereign funds is much more subtle.I guess this is due to the large size of such funds. If they also intervene with great fanfare, it is very likely to cause emotional fluctuations in the market, which will greatly affect the price of Bitcoin, which is not conducive to their own investment with a lower principal. investment; on the other hand, digital currency is still a sensitive area of supervision in many countries, and sovereign funds do not really want their investment behavior to be used to endorse the identity of digital currency.
But no matter how low-key they seem on the surface, their actual actions show that,The turning point that Bitcoin has become a national asset allocation has come in this round of bull market.In view of the fact that most countries are still on the sidelines and exploring, I believe that this turning point will form a scale effect and even form a FOMO mentality among national sovereign funds, which will very likely happen in the cycle four years later.
Just like Grayscale was founded as early as 2013, and began to enter the market on a large scale in 2018. It was only last year that it began to form a demonstration effect among institutional investors, and this year it set off a frenzy of institutional investors entering the market.The involvement of sovereign funds and countries is likely to climax in the next cycle.
Although this may not have happened until four years later, the magnificent chapter is already looming before our eyes.
