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HomeBTCKevin O'Leary claims sovereign wealth funds are interested in Bitcoin

Kevin O’Leary claims sovereign wealth funds are interested in Bitcoin

A recent video that was uploaded to YouTube by Anthony Pompliano had snippets of Kevin O’Leary discussing the interest that sovereign wealth funds have shown in bitcoin.

The term “SWF” refers to state-owned investment funds, which are often funded by the trading surplus of a country. As a result of this, the total assets under management by SWFs are typically rather significant.

“The acceptable investments included in each SWF vary from fund to fund and country to country. Countries can create or dissolve SWFs to match the needs of their population.”

The Norway Government Pension Fund Global, the China Investment Corporation, and the Abu Dhabi Investment Authority are the world’s three largest sovereign wealth funds (SWFs), as ranked by the swfinstitute.org, with total assets of $1.338 trillion, $1.222 trillion, and $708.8 billion, respectively.

O’Leary claimed that he is in close communication with numerous sovereign wealth funds (SWFs), citing Norway, the United Arab Emirates, and Saudi Arabia as examples, and then added, “They want Bitcoin.”

He mentioned this in reference to the desire for alternative cryptocurrencies like Ethereum, and he was commenting on the fact that “the gas costs are a joke; that’s the issue.” On the other hand, he said that there may be an increase in demand for SWFs if Ethereum “becomes the default platform for other digital assets.”

Despite this, O’Leary said that, throughout his conversations with sovereign wealth funds, he learned that Bitcoin is the digital asset that is preferred by SWFs the vast majority of the time. In addition, the suggested allocations fall somewhere in the range of 0.5–3% of the entire asset fund.

The Canadian businessperson noted that the lack of information around legal requirements is what is preventing SWFs from investing in bitcoin. He also said that the price of Bitcoin would reach $60,000 prior to September if politicians in the United States were to put out a legal framework today.

“Right now, if we had policy on Bitcoin, I swear to you the price would be sixty thousand dollars in two weeks.”

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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