State investment funds are interested in buying bitcoin, says Robert Gutmann, CEO of New York Digital Investment Group (NYDIG). According to Gutmann, they are negotiating with such funds about possible investments in cryptocurrency.
Gutmann made his statement during a podcast with the founder of Real Vision, Raul Pal. The latter confirmed this information, saying that the Singapore national welfare fund Temasek really invests in bitcoin. According to him, Temasek, which has assets under management for $306 billion, buys new bitcoins from miners.
Drawing a parallel between recent investments by public companies, including MicroStrategy and Tesla, and public funds, Gutmann noted that such players seek to hedge dollar-denominated liabilities and revalue portfolios.
"Looking at the modern world from the perspective of the future, investment committees are reasonably asking whether it is right to keep all assets denominated in dollars with dollar-denominated liabilities," he added.
NYDIG is part of Stone Ridge Asset Management with $10 billion in assets. Earlier, Gutmann announced that by the end of this year, he expects his clients to concentrate more than $25 billion in bitcoin.
"I am confident that we will have more than $25 billion in bitcoin by the end of 2021. It's in the application book. I'm not guessing, I can see what's going on," he said.