State-owned investment funds in the US are preparing to buy Bitcoin!

According to Robert Gutmann, CEO of New York Digital Investment Group, the firm is in talks with government wealth funds about possible Bitcoin investments.

Gutmann announced while speaking on a virtual podcast with investment strategist and founder of Real Vision Raoul Pal. Pal also confirmed Gutmann's statement and stated that Singapore's sovereign wealth fund Temasek is indeed a Bitcoin investor.

According to Pal, Temasek, which has around $ 306 billion in assets under his administration, buys untouched Bitcoins from miners. Tweeted on Thursday, Pal described the imminent entry of independent wealth funds into the Bitcoin space as a "wall of money." 

Indeed, since public companies like MicroStrategy and Tesla began holding BTC on their balance sheets, speculation has been made about whether governments will do the same. 

Drawing parallels between the attractiveness of Bitcoin for public firms and sovereign wealth funds, Gutmann highlighted the desire of institutional investors to protect their dollar-denominated liabilities. 

After the MicroStrategy CEO Michael Saylor announced his first Bitcoin purchase in August 2020, he touched on the long-term value of BTC against the depreciation of cash over time. 

Earlier in March, Russ Koesterich, portfolio manager of the BlackRock Global Allocation Fund, exaggerated the status of gold as an inflation protection. 

Given the significant drop in the volume of Bitcoin held on exchanges, Bitcoin is currently down 8% in the past 24 hours. Despite the current decline, BTC is still up about 78% year-to-date.