Sovereign Fund Sells Gold to Fund Crypto Exposure Amid $1.3M Bitcoin Forecast

A sovereign wealth fund is selling its gold and foreign exchange reserves to finance part of its cryptocurrency investment, according to Bitwise's institutional adoption report.

The finding provides context for Bitwise Chief Investment Officer Matt Hougan's earlier prediction that Bitcoin could reach $1.3 million by 2035, with a compound annual growth rate of about 35.4% over roughly nine years.

Hougan views Bitcoin as a competitor to gold, and his argument assumes the market will continue to expand and capture more of the global store-of-value market.