NYDIG CEO Says Governments Are Taking Interest In Buying Bitcoin (BTC)

CEO and Co-founder of New York Digital Investment Group (NYDIG) and Ridge, Robert Gutmann, has confirmed that few governments are taking interest to buy bitcoin (BTC). Moreover, he said that the company had been engaged in dialogues with the sovereign wealth funds regarding the bitcoin investments.

This statement got in the market publically via a virtual podcast with Pal Raoul, the founder of Real Vision and investment strategist. Pal also assured Gutmann’s revelation, mentioning that sovereign wealth fund Temasek of Singapore was no doubt a Bitcoin investor.

As per Pal’s statement, Temasek is holding about $306 billion in financial assets under his supervising management and has bought newly mined Bitcoins. Pal tweeted on Thursday, stating that the interest or entrance of Singapore’s sovereign wealth in the Bitcoin world is proving to be the “Money Wall.”

No doubt, since when various famous financial firms such as Tesla and MicroStrategy have begun to take an interest in balancing their sheets by acquiring some significant amounts of Bitcoin (BTC), there has been speculating opinions circulating in the market that where they should follow the same suit to opt some other strategy. Opting for the same suit is of more convincing factor, seeking the attention of the governments.

As analysts have been comparing sovereign wealth funds and the appeal of public firms regarding Bitcoin of comparative analysis, Gutmann has sought the concerns of the institutional investors for hedging the dollar-denominated accountability.

As investors have started speculating their portfolios due to their concerns, for which Gutmann stated that if you observe the surrounding by foreseeing the future in mind that it would be acceptable to inquire from yourself either the investment committee or allocation committee of all financial assets will be dominated in the form of dollars against the dollar-dominating liabilities in proper allocation.

Michael Saylor, the Chief Executive Officer (CEO) of MicroStategy, announced its first Bitcoin purchase in 2020, as he swayed the BTC value for the long-term period to deteriorate the cash value with the passage of time. Moreover, Russ Koesterich, the portfolio manager of BlackRock’s Global Allocation Fund by characterizing gold’s status as an exaggerated inflation hedge.

Right now, Bitcoin is straddling down as it lowered its value by 8% in the last 24 hours, which is basically depicting the dislocation of upside price given. This is a significant decline in the Bitcoin volume if the exchange is being observed carefully. Keeping aside this current drop, it is worthy to note that still Bitcoin is boosted up to around 78% year-to-date.

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