Cryptocurrency

Kevin O’Leary says sovereign wealth funds want Bitcoin

Recent YouTube Posts from Anthony Pompliano Here’s a snippet of Kevin O’Leary talking about Bitcoin interest from the Sovereign Wealth Fund (SWF).

SWFs Refers to a state-owned investment fund, usually funded by a country’s trade surplus. As such, the total assets managed by SWFs tend to be substantial.

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

according to swfinstitute.orgthe top three SWFs are Norwegian Government Pension Fund Global, China Investment Corporation and Abu Dhabi Investment Authority, with total assets of $1.338 trillion, $1.222 billion and $708.8 billion respectively.

Sovereign Wealth Funds Want Bitcoin

O’Leary said he is in close contact with several SWFs, citing Norway, the UAE and Saudi Arabia as examples, adding that “they want Bitcoin.”

Regarding the demand for alternative cryptocurrencies such as Ethereum, he said: That’s the problem. However, if Ethereum “becomes the default platform for other digital assets,” he said, demand for SWF could increase.

Nonetheless, O’Leary revealed that during his discussions with SWFs, he found Bitcoin to be the digital asset overwhelmingly preferred by SWFs. And its proposed allocation ranges from 0.5% to 3% of the total wealth fund.

When asked, “If you could buy digital assets, what would you allocate how?” That’s about 50 basis points on the low end and up to 300 basis points on the high end. And he says, 99% of the time, they are Bitcoin. ”

What’s stopping you from buying SWFs?

A Canadian entrepreneur explained that a lack of regulatory clarity is preventing SWFs from buying bitcoin. He added that if U.S. policymakers roll out a legal framework today, the price of BTC would reach $60,000 by September.

“Now, if Bitcoin has a policy, I swear the price will be $60,000 in two weeks.”

Mr Pompliano expressed confidence that policymakers would act together, saying that “regulatory issues will resolve themselves”.

Furthermore, noting the growing trend to treat bitcoin as a commodity rather than a security, Pompliano is confident SWF money is on track.

“But Bitcoin remains the only asset that all regulators around the world agree on. Bitcoin is not a security…”

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