$306 Billion Sovereign Wealth Fund Temasek Buying Bitcoin since 2018: Raoul Pal
Temasek, a Singapore sovereign wealth fund with over $306 billion portfolios has been buying Bitcoin from miners, revealed Global Macro Investor Raoul Pal during a recent podcast appearance. Pal also claimed that governments have been enquiring about buying Bitcoin as well.
Sovereign wealth funds dwarf everyone else…and the are coming. #wallofmoney
— Raoul Pal (@RaoulGMI) March 25, 2021
The sovereign wealth fund’s Bitcoin investment could be a big breakthrough point for already growing Bitcoin adoption and it would mean that after Fortune 500 companies, banking giants even governments have started to consider Bitcoin exposure.
The sovereign wealth fund manager is not new to cryptocurrency space either as it has earlier invested in Binance Singapore and also helped the exchange to apply for a crypto license in the country back in 2018.
Bitcoin on the Brink of Mainstream Breakout
The Bitcoin mania this bull season has peaked to new highs as not just former critics and big wall street giants have joined the bitcoin league, even traditional banking giants such as Morgan Stanley and Goldman Sachs have also started offering Bitcoin services to their institutional clients. The Bitcoin market cap has reached $1 trillion as well which has heightened the demand for a Bitcoin ETF in the US especially after the North American Bitcoin ETF turned out to be a great success.
Over the past 24 hours, Goldman Sachs and Fidelity have filed for Bitcoin ETFs taking the total number of Bitcoin ETF proposals to 8 in the US. Before current ETF filings, every other previous application filed was rejected by the regulatory bodies claiming the market is not big enough for an ETF. However, looking at massive surging Bitcoin demand and a trillion-dollar market cap, the US might see its first Bitcoin ETF this year.
8 #Bitcoin ETF applications in the USA.
Fidelity
Goldman Sachs
SkyBridge
Morgan Stanley/NYDIG
VanEck
Valkyrie
WisdomTree
BitwiseThere’s a wave of money about to flood into #Bitcoin ????
— Bitcoin Archive ???????????? (@BTC_Archive) March 24, 2021
SEC has already notified and acknowledged VanEck’s application which means the regulatory body would review the filing and within 45 days it would respond to the application either approving or rejecting it.
- $1.7T Morgan Stanley to Partner with ZeroHash to Offer Crypto Trading
- Ripple and Securitize Enable RLUSD Support for BlackRock and VanEck’s Tokenized Funds
- Breaking: SEC To Introduce ‘Innovation Exemption’ Rules to Ease Crypto Product Launches
- Asset Manager Pushes 45% HYPE Token Supply Cut, Analyst Calls $100 Price Target by Year-End
- Fed Jerome Powell Speech Today: Bitcoin, Ether ETF Data Signals Selloff Sentiment
- Shiba Inu Price Eyes 25% Rally as Outflows Jump and Whales Buy 62B Coins
- XRP Price Rises on mXRP Launch, Recovery Ahead?
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
