According to Raoul Pal, CEO of Global Macro, sovereign wealth funds have already arrived in bitcoin and this can completely change the crypto price perspective. Sovereign Funds manage country resources, making investments in strategic areas and receiving funds generally from the exploitation of minerals and oil. The largest sovereign wealth fund in the world is the Norwegian Sovereign Fund which holds 1.5% of global wealth. They are so powerful that in 2017 Facebook changed its content policy at the request of this Norwegian fund.
“Sovereign funds leave everyone else behind… and they are coming. #wallofmoney ”- said Pal.
Sovereign wealth fund and governments want bitcoin
According to the CEO, the Temasek Holding fund – a company controlled by the government of Singapore – has already bought bitcoins. It would not be the first time the fund has entered the crypto market, in 2018 they supported Binance Singapore in obtaining licenses.
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If Temasek confirms the purchase of bitcoins it could trigger a race by the largest fund managers in the world for crypto, taking the price of bitcoin to new heights. Raoul also stated that governments are asking about bitcoin. As contradictory as it may seem, the most anarchic cryptocurrency on the planet is desired by government structures. Pal would not put his reputation at stake if what he was talking about was not true. More than the influence on the price, the purchase of btc by these funds would mean the recognition of the cryptocurrency even by the State and perhaps the beginning of an era of prosperity for humanity. Read also: 5 Things that will change in the world after the global adoption of BitcoinThe adoption of bitcoin would then be completing, starting with retail investors, small businesses, Fortune 500 giants, banks and now even relevant governments on the international stage. It is worth remembering that the Central Bank of Iran already uses cryptocurrency, as well as the government of Venezuela and North Korea. We have contacted Temasek Holding but have not yet received a confirmation.