Crypto
Sovereign Wealth Fund Dumps Gold for Bitcoin
A sovereign wealth fund reportedly sold gold and foreign exchange reserves to finance an allocation to Bitcoin, according to information cited by Coin Bureau from Bitwise.
The development was highlighted by Bitwise head of research Ryan Rasmussen, who said major institutions are increasingly holding Bitcoin alongside gold as a hedge against currency debasement.
Rasmussen pointed out that during the decline of Bitcoin's price from about $125,000 to $60,000, none of the 15 major institutions interviewed by Bitwise sold their crypto holdings. In fact, several of those institutions increased their exposure instead.