MidChains CEO Says at Least One Sovereign Wealth Fund Is Accumulating Spot Bitcoin
Summary
- MidChains CEO Vasil Al Askari said at least one sovereign wealth fund is accumulating spot Bitcoin during the recent price decline.
- He said another sovereign wealth fund may begin buying Bitcoin in the coming weeks.
- Al Askari said those sovereign wealth fund Bitcoin purchases could send a clear signal to other institutional investors.
Forecast Trend Report by Period
At least one sovereign wealth fund is accumulating spot Bitcoin during the recent price decline, according to comments by MidChains Chief Executive Officer Vasil Al Askari reported by Cointelegraph on June 30.
Al Askari said another sovereign wealth fund may start buying Bitcoin in the coming weeks.
He said the move could send a clear signal to other institutional investors that remain on the sidelines. Those investors may view large funds as leaders in the asset class, he added.
Buying by sovereign wealth funds may be interpreted as a sign that institutional participation in the crypto market is expanding. Their focus on spot Bitcoin during a downturn also highlights the potential for long-term capital inflows.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.