The Singaporean sovereign wealth fund Temasek apparently holds Bitcoin. State actors have thus arrived on the global crypto stage.
First, it was the nerds, then it was the hodlers, then the big companies. Are the states coming now? According to information from those in the know, it should not be long before state-run funds, so-called Sovereign Wealth Funds, turn to Bitcoin. On the contrary, according to hedge fund manager Raoul Pal that has already happened. As the CEO of the business news platform Real Vision wrote on Twitter, the Singapore sovereign wealth fund Temasek is already invested in BTC.
The news comes from Robert Gutmann, CEO of the New York Digital Investment Group (NYDIG). He was most recently a guest on Pals Podcast. According to this, Temasek bought virgin Bitcoin directly from miners and diversified its assets with it. In total, the Singapore sovereign wealth fund holds over US $ 300 billion in assets.
Temasek is not alone with the rumored investment. The New Zealand pension fund is also said to have held a five percent Bitcoin position since October 2020. This comes from a report in the local newspaper Stuff.
“If you love investing in gold, you can’t really ignore BTC,” said the CIO of the KiwiSaver fund.
The entry of state actors on the global stage of the Bitcoin game would be a paradigm shift. After all, states are seen as the greatest threat to the project. Even Ray Dalio considers a Bitcoin ban in the US to be “very likely,” Market observers are unsure about this question. Examples like the Indian Bitcoin ban show that the government is doing it with authoritarian courses against cryptocurrency. Whether the ban can be enforced at all is completely open. After all, BTC works entirely without centralized instances that can be forced to give up by order. In theory, Bitcoiners can even “store” their private key in their heads by remembering them. In other words: Bitcoin itself cannot be forbidden. What states can prohibit are the so-called fiat onramps, i.e. exchanges and brokers.
Game theory suggests, however, that state actors will do exactly the opposite. As can be seen from the example of Iran, marginalized countries can definitely benefit from early Bitcoin acceptance. So once states have recognized that Bitcoins is too powerful and resilient to ban it, the next best solution is widespread and, above all, early acceptance — the Singapore state fund seems to have understood that.
Most recently, NYDIG was a sought-after company in Bitcoin circles. After all, the investment company filed for another Bitcoin ETF with the SEC in February of this year. Ross Stevens, CEO of parent company Stone Ridge Asset Management, called Bitcoin the “best money ever” at MicroStrategy’s Word.
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