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.
There’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.